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Annette [7]
3 years ago
7

What does the process of specialization do for an economy?

Business
1 answer:
Rainbow [258]3 years ago
7 0
It makes production more efficient
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If a CobbDouglas production function has alpha​ = 0.34 and beta​ = 0.42, then a​ 1% increase in inputs results in a​ ________ ch
vampirchik [111]

Answer:

0.76%

Explanation:

Firstly we write out the production function to be

Y = K^0.34L^0.42.

So if we have inputs that are increased by 1%, we will now have a new production function which is

Y = (K + 0.01 of K)^0.34 (L + 0.01 of L)^0.42

We write this in terms of growth rate

The Growth rate of Y = 0.34 x the growth rate of K + 0.42 x the growth rate of L

This gives us the Growth rate of Y = 0.34 x 1% + 0.42 x 1%

= 0.34+0.42

= 0.76%

6 0
2 years ago
Could someone help me on my resume for my career class?
zavuch27 [327]
I can help you with you're resume, just message me.
7 0
3 years ago
A student has inherited $50,000. If it is placed in asavings account that earns 3% interest, how much isin the account in 30 yea
taurus [48]

Answer:

$121,363

Explanation:

The amount in 30 years is known as the Future Value (FV) . We arrive at this figure by compounding the Present Value using the interest earned on the savings as follows :

PV =  $50,000

P/yr = 1

N = 30

PMT = $ 0

i = 3 %

FV = ?

Using a Financial calculator to enter the amounts as shown above, the FV can be determined as $121,363

8 0
3 years ago
Problem 12-04A The income statement of Kingbird, Inc. is presented here. Kingbird, Inc. Income Statement For the Year Ended Nove
barxatty [35]

Answer:

Cash Flow From Operating Activities

Cash Receipt from Customers                       $7,260,000

Cash Paid to Suppliers and Employees       ($6,294,700)

Cash Provided by Operating Activities            $965,300

Explanation:

Step 1 : Cash Paid to Suppliers and Employees Calculation

Cost of goods sold                                         $4,987,300

Add Operating expenses                                $1,120,500

Total                                                                 $6,107,800

Adjustments :

Depreciation expense                                        $95,300

Decrease in Inventory                                     ($536,700)

Increase in Prepaid Expenses                          $179,800

Decrease in Accounts Payable                        $345,700

Decrease in Accrued Expense Payable          $105,800

Cash Paid to Suppliers and Employees       $6,294,700

Step 2 : Cash Receipt from Customers Calculation

Sales revenue                                                $7,465,900

Less Increase in Accounts receivable          ($205,900)

Cash Receipt from Customers                      $7,260,000

4 0
3 years ago
Explain why the basic economic problem will even affect Bill Gates (Founder and Chairman of Microsoft and one of the world’s wea
Grace [21]
<span>The basic economic problem will affect Bill Gates who is one of the the world's wealthiest people because scarcity of resources is more so related to goods and services, and not how much money one may have. While he may be able to buy all the goods and services he wants as many as he wants for a unlimited amount time, he could only have access to those things if they are available.</span>
8 0
3 years ago
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