ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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- Sub : EconomicsPls answer very fast.I ll upvote correct answer. Thank Youarrow_forwardSuppose that firm uses 3 units of labor (L) with 4 units of capital (K) in fixed proportion. Which of the following is correct? The law of diminishing MRTSLK holds and thus Lagrange multiplier method is applicable MRTSL,K is not well defined and thus Lagrange multiplier method is applicable The law of diminishing MRTSLK holds and capital and labor are perfect complements. O MRTSLK is not well defined and thus Lagrange multiplier method is not applicablearrow_forwarda) Write an expression for 8(t) (aka: force of interest) such that its accumulation function is the same as a 2% rate of simple interest. b) What is 8(8)?arrow_forward
- 2. Compute Ay = f(x + dx) – f(x) and the differential dy = f'(x)dx for the following: %3D (a) f(x) = when x= 3, dx =-D (b) ƒ(x)= ln x when x= 1, dæ =arrow_forwardIf Michelle's income is reduced to zero after she loses her job, her consumption will be and her saving will be O greater than zero; greater than zero O less than zero; greater than zero O greater than zero; less than zero O less than zero; less than zeroarrow_forwardTim lives in Vancouver and runs a business that sells pianos. In an average year, he receives $733,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $433,000; he also pays wages and utility bills totalling $257,000. He owns his show room; if he chooses to rent it out, he will receive $13,000 in rent per year. Assume that the value of this show room does not depreciate over the year. Also, if Tim does not operate this piano business, he can work as a paralegal, receive an annual salary of $23,000 with no additional monetary costs, and rent out his show room at the $13,000 per year rate. No other costs are incurred in running this piano business.arrow_forward
- Only typed answer and don't use chat gptarrow_forwardKenji lives in Mississauga and runs a business that sells pianos. In an average year, he receives $723,000 from selling pianos. Of this sales revenue, he must pay the manufacturer a wholesale cost of $423,000; he also pays wages and utility bills totalling $267,000. He owns his show room; if he chooses to rent it out, he will receive $2,000 in rent per year. Assume that the value of this show room does not depreciate over the year. Also, if Kenji does not operate this piano business, he can work as a financial advisor, receive an annual salary of $20,000 with no additional monetary costs, and rent out his show room at the $2,000 per year rate. No other costs are incurred in running this piano business. Identify each of Kenji's costs in the following table as either an implicit cost or an explicit cost of selling pianos. Implicit Cost The wages and utility bills that Kenji pays The salary Kenji could earn if he worked as a financial advisor The rental income Kenji could receive if he…arrow_forwardNote:- Please don't simply copy and paste content from other AI tools or bots, or else I may have to downvote your actions. Do not provide the handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.arrow_forward
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