Black Diamond produces climbing shoes. They employ labor, l,…
Black Diamond produces climbing shoes. They employ labor, l, and capital, k to make their shoes. The amount of production (of pairs of shoes) for different amounts of labor and capital are . Their wage rate is, w=$4, their rental rate for capital is, r=$1. (a) (13 points) Find their cost minimizing level of l and k as a function of the amount of production.(b) (7 points) Imagine that the market price for a pair of shoes is p=$24, what level of production, maximizes Black Diamond’s profits?
Read DetailsHonorlock Agreement Please copy and paste the statement belo…
Honorlock Agreement Please copy and paste the statement below, then type your full name and today’s date in the spaces provided. Agreement Statement: “I have successfully completed the Honorlock Practice Quiz. I understand that all quizzes, exams, and the final exam in this course require the use of Honorlock. I have reviewed the Honorlock instructions in the Orientation Module and verified that my computer, webcam, microphone, internet connection, and Honorlock extension are functioning properly. I understand that technical difficulties resulting from failure to install, test, or properly configure Honorlock are not valid excuses for missing a quiz or exam deadline.”
Read DetailsJordan is a homeowner and wants to build a gazebo in his bac…
Jordan is a homeowner and wants to build a gazebo in his backyard. He searches catalogs for a week to find a trustworthy and efficient person to create this gazebo. He comes across the portfolio of Brad and is impressed by his work and customer testimony. He does a quick internet search on the contractor and finds that he was arrested and convicted of domestic violence against his partner a decade ago. Jordan believes everyone deserves a second chance and since the violent offense was 10 years ago, he decides to hire Brad to build the gazebo. While working on the project, Brad gets into a dispute with Jordan’s next-door neighbor over the noise that his constant construction is causing outside. In the heat of the argument, Brad assaults the neighbor out of anger. The neighbor was sent to the hospital because of a broken cheekbone and nose. The neighbor then sues Jordan instead of Brad for the medical and financial damages sustained during the argument. Is Jordan liable for Brad’s actions in this scenario?
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