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Authority in agency law.

Identify and discuss the differences between implied, express, and
apparent authority in agency law. Please present and discuss a business example
related to each type of authority.

Sample Solution

ucial and recurring issue with nuclear power is that it requires huge upfront costs, especially when plants are built individually, and can only provide revenue years after the start of construction. This means that investment into nuclear is risky, long term and cannot be done well on a small scale, though new technologies such as SMRs (Small Modular Reactors) may change this in the coming decades, making it a much bigger gamble. Improvements in other technologies over the period of time a nuclear plant is built means that is often better for private firms, who are less likely to be able to afford large scale programs enabling significant cost reductions or a lower debt to equity ration in their capital structure, to invest in more easily scalable and shorter term energy sources, especially with subsidies favouring renewables in many developed countries. All of this points to the fundamental flaw of nuclear: that it requires going all the way. Small scale nuclear programs that are funded mostly with debt, that have high discount rates and low capacity factors as they are switched off frequently will invariably have a very high Levelised Cost of Energy (LCOE) as nuclear is so capital intensive. That said, the reverse is true as well. Nuclear plants have very low operating costs, almost no external costs and the cost of decommissioning a plant are only a small portion of the initial capital cost, even with a low discount rate such as 3%, due to the long lifespan of a nuclear plant and the fact that many can be extended. Operating costs include fuel costs, which are extremely low for nuclear, costing only 0.0049 USD per kWh, and non-fuel operation and maintenance costs which are barely higher at 0.0137 USD per kWh. This includes waste disposal, a frequently cited political issue that has no longer been relevant technically for decades as waste can be reused relatively well and stored on site safely at very low costs simply because the quantity of fuel used and therefore waste produced is so small. The fuel, uranium is abundant and technology enabling uranium to be extracted from sea water would give access to a 60,000 year supply at present rates of consumption so costs from ‘resource depletion’ are also small. Finally, external costs represent a very small proportion of running costs: the highest estimates for health costs and potential accident are at 5€/MWh and 4€/MWh respec
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