We will use the formula; A = Pe^(r*t)
Given;
A = 17,000
r = 5.1%
t = 14
Solution;A = Pe^(r*t) Compounding continously
17,000 = Pe^(.051*14)
17,000/e^(.714) = P
$8324.59 = P
The money that has been invested at 5.1% interest and compounded contiounsly to have 17,000 after 14 years is $8324.59
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Whenever there is maximization of total surplus that is been received by those that are part of society by market allocation of resources then there is market Efficiency.
- Economic efficiency can be regarded as economic state whereby there is allocation of resource to serve each individual or entity in way that everyone is satisfied while minimizing waste and inefficiency.
Therefore, When there is an economy efficiency, there would be maximization of total surplus.
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Answer:
The correct answer is "Allow entrepreneurs personal freedom to follow their self-interest"
Explanation:
According to the invisible hand concept, the best way for a society to encourage the creation of jobs and the production of the products most wanted by consumers would be to allow entrepreneurs personal freedom to follow their self interest.
Public good are non-rivalry and non-excludable goods. People can benefit these goods without affecting and reducing its availability to others. Disease prevention by the government is purely public good since it is important to every individual and each person must not have any limitations in receiving these kind of prevention.