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a. Profits grow at an annual rate of 10 percent. (This one is tricky.)
Instructions: Round your responses to 2 decimal places.
b. Profits grow at an annual rate of 3 percent.
c. Profits grow at an annual rate of 0 percent.
d. Profits decline at an annual rate of 2 percent.
a. How much output is produced when K = 2 and L = 3?
b. If the wage rate is $70 per hour and the rental rate on capital is $45 per hour, what is the cost-minimizing input mix for producing 9 units of output?
c. How does your answer to part b change if the wage rate decreases to $45 per hour but the rental rate on capital remains at $45 per hour?
|Capital increases and labor decreases.|
|Capital and labor increase.|
|Capital decreases and labor increases.|
|It does not change.|
Based on this information, what would be the nonpecuniary cost of legislation that would place a $0.75 cap on the fees banks can charge for noncustomer transactions?
Instructions: Round your answer to the nearest penny (2 decimal places).
What would be the full economic price of this legislation?