Answer:
the farmer gained 6 hours worth of production and the rancher gained 8 hours worth of production.
Explanation:
Labor Hours to Make 1 lb. of lbs. Produced in 24 Hours
Pork Tomatoes Pork Tomatoes
Farmer 6 3 4 8
Rancher 4 4 6 6
If both decide to specialize in producing only one good, the farmer will produce 8 pounds of tomatoes per day and the rancher will produce 6 pounds of pork per day.
This way when the rancher trades 4 pounds of pork in exchange for 6 pounds of tomatoes, he is gaining 2 pounds of pork which is equivalent to 8 labor hours.
When the rancher trades 6 pounds of tomatoes in exchange for 4 pounds of pork, he is gaining 2 pounds of tomatoes which is equivalent to 6 labor hours.
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
Answer:
b) A central bank is expected to achieve a 3% annual inflation rate
Explanation:
Inflation targeting is a type of monetary policy where the central bank of a country sets an inflation rate as its goal or target.
