A tenant entered into a written five-year lease to rent an office from a landlord for $6,000 per year beginning October 1. The lease required that rent in the amount of $500 be paid on or before the first of each month. Two months before the five-year term was up, the tenant received a new lease identical to the one he had already signed, except that the lease term began on the upcoming October 1 and the stated amount of rent per month was $600. The tenant returned the lease to the landlord unsigned, with a letter stating that he did not intend to renew the lease and would be moving out on September 30. The tenant did not move out on September 30. On October 1, the landlord received a check for $500 from the tenant. The notation on the check indicated that it was for the October rent. The landlord deposited the check in her account. She then sent a letter to the tenant stating that he was $100 in arrears in his rent. The tenant did not move out of the office during October, and the landlord did nothing to remove him. Most courts would hold that the tenant has what type of tenancy

Kando company incurs a $9 per unit cost for product a, which it currently manufactures and sells for $13.50 per unit. instead of manufacturing and selling this product, the company can purchase product b for $5 per unit and sell it for $12 per unit. if it does so, unit sales would remain unchanged and $5 of the $9 per unit costs assigned to product a would be eliminated. 1. prepare incremental cost analysis. should the company continue to manufacture product a or purchase product b for resale? (round your answers to 2 decimal places.)

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

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