Douros Realty & Construction Co. had a lead on a "prime" piece of real estate. Although Douros did not have a listing agreement with the seller of the property, he contacted Kelley Properties. Douros knew that Kelley was looking for a location for a commercial development. Douros contacted Kelley stating only that he had the "finest, most outstanding, viable location in the county and it just came on the market." Douros said he would reveal the location of the property and the owner's name if Kelley would sign an agreement which would require Kelley to pay a 10% commission if a sale of the property resulted. The agreement was signed. Four months later, Kelley bought the property after negotiating the deal himself. Kelley claims he does not owe a commission to Douros because there was insufficient consideration to support the payment of commission so large. Kelley claims that all Douros did in the entire transaction was to reveal the location of the property and the owner's name. Was there sufficient consideration to make this promise enforceable?

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Comprehensive illustrative problem: mira's store on february 1 20a4 mica delaman opened astore that sells school supplies her main customer are the students and teachers of happy students school that is situated in front of her store. mira wanted to know the financial position of mira's store. mira knew you were studying accounting. so she asked for . 1. to start her business mira's opened a checking account in the name of mira's store . the statement of account from the bank shows that the checking account has a balance of 31,535 of december 31,20a4

Asemiprofessional baseball team near your town plays two home games each month at the local baseball park. they split the concessions 50/50 with the city, but keep revenue from ticket sales for themselves. the city charges the team $100 each month for the three-month season. the team pays the players and manager a total of $1,000 a month. the team charges $10 for each ticket, and the average customer spends $7 at the concession stand. attendance averages 30 people at each home game.in order to break even, how many tickets does the team need to sell for each game? a. 33b. 37c. 41e. 49f. 244