Suppose Dr. Splendor is the only instructor of Magical Economics employed by the College of Necromancy (CON) at Hogwarts University. CON agreed to pay him a total of G5,000 (5,000 galleons) to create an online version of this course, to be delivered in August 2015. Further, they gave him an advance of G2,000 in April to complete the outline for the course and several course modules by the end of July. On July 31 he turned in a brief outline for the course and 2 modules. CoN claims that it fails to live up to the CoN's expectation that he create a detailed outline and 4 modules. Given the ambiguity over the word "several," and what constitutes a "detailed" outline, Splendor disagrees. Might Splendor have exploited rent and/or quasi-rent? Explain.

Suppose Dr. Splendor is the only instructor of Magical Economics employed by the College of Necromancy (CON) at Hogwarts University. CON agreed to pay him a total of G5,000 (5,000 galleons) to create an online version of this course, to be delivered in August 2015. Further, they gave him an advance of G2,000 in April to complete the outline for the course and several course modules by the end of July. On July 31 he turned in a brief outline for the course and 2 modules. CoN claims that it fails to live up to the CoN's expectation that he create a detailed outline and 4 modules. Given the ambiguity over the word "several," and what constitutes a "detailed" outline, Splendor disagrees. Might Splendor have exploited rent and/or quasi-rent? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose Dr. Splendor is the only instructor of
Magical Economics employed by the College
of Necromancy (CON) at Hogwarts University.
CON agreed to pay him a total of G5,000
(5,000 galleons) to create an online version of
this course, to be delivered in August 2015.
Further, they gave him an advance of G2,000
in April to complete the outline for the course
and several course modules by the end of
July. On July 31 he turned in a brief outline for
the course and 2 modules. CoN claims that it
fails to live up to the CoN's expectation that
he create a detailed outline and 4 modules.
Given the ambiguity over the word "several,"
and what constitutes a "detailed" outline,
Splendor disagrees. Might Splendor have
exploited rent and/or quasi-rent? Explain.

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