If there is an increase in price of petrol, there would be a movement along the demand curve and a smaller quantity would be bought.
Liquidated Damages: These types of damages are awarded when there is a provision in a contract which states the amount of damages that shall be awarded in the event of a breach. Liquidated damages cannot be used as punishment to a party or to harm the party for the breach.
Non-pecuniary damages are damages for âpain and sufferingâ, sometimes also described as âloss of enjoyment of lifeâ. These damages are supposed to compensate the claimant for having to experience symptoms caused by the accident, having a loss of expectation of life, etc. The sheer fact is that there is no objective yardstick for translating non-pecuniary losses, such as pain and suffering and loss of amenities, into monetary terms. (Andrews v. Grand & Toy Alberta Ltd., [1978] 2 S.C.R. 229 at 261).