1. Here is some information on a fake competitive economy:Y- 2L + 3KK- 1000L- 500R-S20W - S30 a) total capital income:Calculations:b) total labor income:Calculations:c) total sales revenue:Calculations:d) Product price:Calculations:

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a) total capitál income! Calculations: b) total labor income: Calculations:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. Here is some information on a fake competitive economy:
Y- 2L + 3K
K- 1000
L- 500
R-S20
W - S30

a) total capital income:
Calculations:
b) total labor income:
Calculations:
c) total sales revenue:
Calculations:
d) Product price:
Calculations:

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