What Is the Reasonable Person Standard? How Is It Applied

question 62

Essay

What is the reasonable person standard? How is it applied to each of the following types of people?
a. Children
b. Persons with physical disabilities
c. Persons who are mentally retarded
d. Professional people with advanced degrees and training, such as doctors, lawyers, and accountants
e. Persons acting in emergency situations
f. Persons who violate statutory duties

Apply economic theory to calculate socially efficient levels of production taking into account external costs.

Differentiate between private and public goods and their implications for utility in economic models.

Analyze the impact of single-peaked preferences on collective decision-making and public goods provision.

Examine the relationship between utility functions, income, and the provision of goods within a market.