Answer:
Cost minimization occurs when Marginal Product of Cement / Price of Cement = Marginal Product of Labor / Price of Labor.
Costs are minimized when the marginal product per dollar spent on all inputs is the same.
a.) Using the equation above, 50 / $4000 = 4 / $12
0.0125 = .333333 which is NOT equal. Therefore, the firm is not minimizing its cost of producing parking spaces. This is because the marginal products per dollar spent on inputs is not the same.
b.) Since the firm is not cost-minimizing, the firm must either choose quantities of C and L that make the marginal products per dollar equal. This can be done several ways, but for a concrete example, the firm can choose a quantity of C that will increase the MPC to $1,333.33. Then MPC / Price of C = 1,333.33 / $4,000 = 0.3333333 which would be equal to MPL / Price of L.
You can also decrease the MPL to meet 0.15. Then MPL / Price of L = 0.15 / $12 = 0.0125 which would be equal to MPC / Price of C.
Explanation:
European nations had new sources of raw materials and other resources.
Answer: Option B
<u>Explanation:</u>
When the Europeans spread across the native colonists they brought in various raw materials like sugar and also many new resources. They attained their trading position in the native colonies which aided to the economic development of the natives
The economic historians share the fact that the living standard of the people increased after colonization. The European exploration and colonization increased the economic opportunities hence increase in wages of the colonist. Then the natives became cash dependent instead of hunting and farming.
Answer:
Explanation:
Germany helps their citizens by giving them a strong stock market meaning they are a powerful country money wise.
They affect them negatively by having strict laws and not as much freedom.
Answer:
why are you proud of our country?liste some of the reason that make you proud
This is a tricky question. The most likely answer would be either B - settler colonies or C - import economies.
The reason for this is that the majority of colonies that were established by the Spanish and the British were being used to rob the indigenous people who were living there. All the gained riches were then being sent back to Europe. The most prominent example of this is the Spanish conquering of the Aztec empire.
However, not every colony was like that - there also existed settler colonies with no economic gain.
In general though, I would say the answer is C - import economies.