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DanielleElmas [232]
3 years ago
8

A jeweler can potentially use two inputs in her handcrafted jewelry: copper or bronze. She finds that when she minimizes her cos

ts, she either uses copper or bronze but not both. This means that copper and bronze are perfect substitutes and that her isoquant curve is right-angled.
Business
1 answer:
stiks02 [169]3 years ago
7 0

Answer: straight lines that are parallel to each other

Explanation: Q: A jeweler can potentially use two inputs in her handcrafted jewelry: copper or bronze. She finds that when she minimizes her costs, she either uses copper or bronze but not both. What must her isoquants look like?

An isoquant curve is defined as a line of equal or constant economic production on a graph, chart or map which describes all the combinations of inputs that produce the same level of output. If the jeweler either uses copper or bronze but not both, it means that the copper and bronze are perfect substitutes, that is,  they are two inputs that can be substituted for each other at a constant rate and at the same time maintaining the same output level. Her isoquants would appear as straight lines that are parallel to each other because all that matters is the sum of the two variables (copper and bronze), and not their individual values.

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Answer:

Ans.  He must save during each of the following 10 years, at the end of each year $32,452.

Explanation:

Hi, in order to find the amount of money that he should have in ten years so he can receive an annual payment of $65,156 for 25 more years (24 payments), we need to bring to present value all 24 payments to year 10. Let me show you the formula.

PresentValue_{10} =\frac{A((1+r)^{n}-1) }{r(1+r)^{n} }

Where:

A= $65,156

n= 24

r= 0.08

Therefore the present value in year 10 is:

PresentValue_{10} =\frac{65,156((1+0.08)^{24}-1) }{0.08(1+0.08)^{24} }=686,012

So that is our present value in year 10, or to put it in other words, our future value (if we look at it from year 0). Now we need to find the annuity (amount to save) that with account for $686,012, plus that $100,000 that he already has saved.

Every should look like this.

686,012=100,000*(1+0.08)^{10} +\frac{A((1+0.08)^{10}-1) }{0.08(1+0.08)^{10} }

And we solve this equation for "A".

686,012=A(14.4865625)+215,892

A=\frac{(686,012-215,892)}{14.4865625} =32,452

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How did the economy impact the livelihood of the 13 original colonies? open study?
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According to the Economic law of SUPPLY AND DEMAND, less supply means HIGHER prices simply because the good is becoming scarce not unlike fuel during global oil shortages.

Now, we are told that the drought reduced the supply for wheat which means the SUPPLY of wheat has DECREASED and this will translate to the SUPPLY of Bread DECREASING as well. According to the aforementioned law, prices of Bread will therefore RISE.

Since Bread prices have risen, people will seek alternatives to bread as they may not want to pay the high price. This will lead them to choosing the alternative to bread which in this case are Potatoes which would therefore INCREASE the DEMAND for potatoes.

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So, in this case, the income rises by 8% and the quantity demanded for the ice cream declines or falls by 18%, then the vanilla ice cream would considered as the inferior good.

3 0
3 years ago
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