James Purchased an Abandoned Lot

question 7

Essay

James purchased an abandoned lot.When he started to develop the land,he discovered several underground storage tanks containing hazardous waste buried on the site.He claims the seller,Richard,is liable to him for the cost of removing the tanks.Richard claims he owned the lot for 20 years and never knew of the underground tanks.Richard argues he purchased the land from Thomas and that Thomas or his heirs are liable for the cost of removing the underground tanks.Explain whether Richard is liable to James.Does Thomas or do his heirs have any liability to James or Richard?

Identify the impact of genetic programming on behavior and the ability of species to adapt through open and closed programs.

Analyze the influence of ethological theories on current understanding of behavior and its evolutionary aspects.

Describe the process and significance of imprinting in animal and human development.

Understand how conflicts and motives can lead to various types of behavior, including displacement and ambivalent behavior.

---

Definitions:

Contract Curve

In an Edgeworth box diagram, it represents the set of optimal distribution points for two traders based on their preferences.

Efficient Input Use

Utilization of inputs in a manner that maximizes the output or minimizes the cost under given technology and constraints.

MRTS

The Marginal Rate of Technical Substitution measures the rate at which one input can be substituted for another input in the production process, while keeping output constant.

Pareto Optimality

A distribution of resources where no one can be made better off without causing detriment to at least one other person.