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# accounting department

• 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.

billion

c. Profits grow at an annual rate of 0 percent.

billion

d. Profits decline at an annual rate of 2 percent.

billion

• 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?

Capital:
Labor:

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?

\$