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maw [93]
3 years ago
10

Consider a simple economy that produces two goods, beer (denoted by x) and quiche (denoted by y), using labor and capital (denot

ed by L and K, respectively) that are supplied by two types of households, those consisting of wimps (denoted by W) and those consisting of hunks (denoted by H). Each household of hunks supplies 100 units of labor and no units of capital. Each household of wimps supplies 10 units of capital and no units of labor. There are 100 households of each type. Both beer and quiche are produced with technologies exhibiting constant returns to scale. The market supply curves for beer and quiche are where w denotes the price of labor and r denotes the price of capital. The market demand curves for beer and quiche are given by where X and Y denote the aggregate quantities of beer and quiche demanded in this economy and IW and IH are the household incomes of wimps and hunks, respectively. Finally, the market demand curves for labor and capital are given by There are four unknowns in our simple economy: the prices of beer and quiche, Px and Py, and the prices of labor and capital, w and r. Write the four equations that determine the equilibrium values of these unknowns.
Business
1 answer:
Zigmanuir [339]3 years ago
6 0

Answer:

See attached files

Explanation:

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Answer:

In the given year, American population grew by 4% while China's population grew by 1.2%.

Explanation:

The present problem establishes that in one year the populations of China and the United States both increased by 12 million people. But both countries have different populations: China has a population of 1 billion inhabitants, while the United States has 300 million.

To determine the percentage of population increase in each country, we must perform cross multiplications:

-U.S:

300 = 100

12 = X

(12 x 100) / 300 = X

1,200 / 300 = X

4 = X

The United States grew by population 4% in the year.

-China:

1,000 = 100

12 = X

(12 x 100) / 1,000 = X

1,200 / 1,000 = X

1.2 = X

China grew by population 1.2% in the same period of time.

8 0
3 years ago
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Problem 9-52 Part-b (Static) b. $800 of interest on a short-term loan incurred in September and repaid in November. Half of the
bazaltina [42]

Answer:

After-tax cost $652

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4 0
3 years ago
On May 1, 2021, Cedar Corp. paid $432,000 for rent on warehouse space one year in advance. On November 1, 2021, Cedar Corp. ente
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Explanation:

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3 years ago
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Answer:

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One of the objectives of facility location analysis is to select a site with the lowest total cost.
LUCKY_DIMON [66]

Answer:

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So, this cost will be included in the analysis as the hidden costs.

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