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3. Briefly discuss the differences between Chapters 7, 11, and 13 bankruptcy proceedings.

The following question(s) refer(s) to the generalized cell model picture. Identify the rough endoplasmic reticulum.

1.  American Ingenuity, Inc., a Missouri corporation, (AmI) invents, develops, and distributes a revolutionary new type of anti-bedbug device using sound waves.  AmI does not apply for a patent for its product, a sonic emitter called SleepTite, but does register various trademarks associated with it.  Maine Ingenuity Corp., a California corporation, (MaI), buys a new AmI SleepTite sonic emitter, takes it apart, analyzes it, and produces and sells a “clone” of the anti-bedbug device under the Maine Ingenuity Corp. label called SleepWell.  AmI files a suit against MaI alleging violations of the intellectual property law. On what basis could Maine Ingenuity Corp. (MaI) prevail?  What additional facts might result in AmI winning and why?  What if MaI used a logo similar to that of AmI’s federally registered trademark on the SleepTite device and its packaging?  AmI uses a red, white, and blue color pattern on its anti-bedbug devices.  MaI uses a similar design, but with somewhat different shades of red, white, and blue.  AmI sues.  Discuss.  AmI includes a detailed, printed set of instructions on the proper use and maintenance for its anti-bedbug, but does not register the instructions under federal copyright law.  MaI includes a pamphlet that is clearly based on that issued by AmI, with minor changes in wording.  AmI sues.  Discuss.  Why should AmI have registered the instructions under federal copyright law? Discuss whether AMI could/should have applied for a patent, and why it might have decided not to do so. Instead of MaI reverse-engineering the SleepTite device, a disgruntled AmI employee, Simon, uses his iPhone 14 to photograph all of the plans.  The plans were kept is a secure location with limited access, but Simon “borrowed” the security card of a co-worker with access to secure areas, to gain entry into the room where the plans were kept.  Simon gives the photos of the plans to MaI, which then goes on to produce its version of the device, the SleepWell.  What happens and why?

1.  Katherine plans to open Kitty Korner, a pet supplies outlet specializing in cats, and to hire Bigglesworth and Harvey.  Katherine plans at this point to invest only her own money, and does not expect to make a profit for two years, and expects some profits after the end of the first three years.  She hopes to expand gradually to several stores in the metropolitan area, and eventually to a national chain of Kitty Korners.  Discuss the various types of business organizations that Katherine could use at the different stages of her company’s growth, looking at the advantages and drawbacks of each of the different types of business associations at the different stages of the company’s growth.  Be sure to briefly discuss why you would NOT choose certain options as well.

2.  Discuss at length differences between the common law of contracts and the law of sales of goods under the U.C.C.?  Explain why you think the U.C.C. made these changes.

1.  Busy Builders, Inc. verbally contracts with Life’s A Beach Company to build a Cool Juice ‘n Fruit stand near Inviting Beach for $25,000, with half of the payment in advance and the remaining half due on completion.  The work is to start on April 1, and be finished by May 15, so the stand can be open for the entire summer, which is made clear to Busy Builders.  Busy Builders, devoting most of its workforce to a larger, better paying construction project, does not finish the work until June 15.  The stand opens, but Life’s A Beach loses 4 weeks of early summer sales due to the delay.  Life’s A Beach decides not to pay Busy Builders anything, asserting the Statute of Frauds as a defense and also the breach by Busy Builders in not completing the stand on time.  Busy Builders sues Life’s A Beach, which files a counterclaim.  What happens, and why?  Assume that the above contract is in writing, and includes a provision that time is of the essence, and also provides that in the event of a breach by Busy Builders, Busy Builders will pay Life’s A Beach the sum of $100,000.  Events occur as above, with Busy Builders not completing the job until June 15.  What happens, and why?  Assume the above written contract is agreed to by both parties.  On April 21, Busy Builders tells Life’s A Beach that it cannot complete the project by May 15 because it is busy with other more lucrative projects.  What can Life’s A Beach do in that situation?  What if Busy Builders offers to put its other projects on hold for several weeks in order to finish the Cool Juice ‘n Fruit stand by June 1, but says it will require Life’s A Beach to pay an additional $10,000 to get “priority status” and get the workers and material to finish it up?  Assuming that Life’s A Beach reluctantly agrees to this, and Busy Builders gets the job done on time, what would happen if Life’s A Beach refuses to pay the additional $10,000? What if Busy Builders had delegated the duty to build the stand to Shoddy Construction Corp., which completes the structure on time, but it is significantly inferior to what Life’s A Beach wanted and reasonably expected from Busy Builders?

2.    Arnold is at the Austin Association of Awesome Athletes (“AAAA”) riding an exercise bike.  Arnold wants to change the channel on the television that is mounted high on a nearby wall as he does not want to watch the movie Predator.  He reaches for the remote control, and discovers that a careless member took the remote control and left his/her cell phone there instead.  Arnold pushes the exercise bike over to the television, and stands on the seat so that he can reach the television to change the channel.  The seat post breaks when he stands on the seat, and he falls to the floor.  He is injured and cannot control his anger.  He puts all of his 170 pounds of strength into destroying the exercise bike in a fit of rage, throwing it across the room where it strikes the wall and breaks off several pieces, including the handlebars, which land on the running track.  About 30 minutes later, Sylvester, another member/patron of the AAAA, is running on the track and tips over the handlebars, and is injured.  Arnold and Sylvester both sue the manufacturer of the exercise bike and also the AAAA under products liability for their injuries.  Discuss their cases. Sylvester also decides to sue Arnold and AAAA under negligence theories.  Discuss what he would have to prove to prevail in a negligence action against those defendants, and what defenses they might have that could affect the outcome.

Suppose that when households in a nation have disposable income of [x], they consume [a].  When their income changes to [y], they consume [b].  What is the marginal propensity to consume for this nation? Round your answer to three digits after the decimal.

Suppose a nation has potential GDP of $8 trillion and actual GDP of $7 trillion. In the next year, they lose workers, input prices increase, and the government decreases spending. Use the complex AD/AS model to examine what happens in the economy. Assume that input prices have the largest effect, while government spending has the smallest effect. The price level [price] and GDP [GDP].

Assume an economy has a consumption function of C = [a] (Yd) + $[b].  Additionally, this economy has investment spending = $[c], government purchases = $[d], taxes  = $[t], exports = $[x], and imports = $[y]. What is the equilibrium level of GDP based on this information? Round your answer to two digits after the decimal.