Liability comparisons merideth harper has invested $25,000 in southwest develop- ment company. the firm has recently declared bankruptcy and has $60,000 in unpaid debts. explain the nature of payments, if any, by merideth in each of the following situations. a. southwest development company is a sole proprietorship owned by ms. harper. b. southwest development company is a 50–50 partnership of merideth harper and christopher black. c. southwest development company is a corporation.

Suppose that a paving company produces paved parking spaces (q) using a fixed quantity of land (t) and variable quantities of cement (c) and labor (l). the firm is currently paving 1,000 parking spaces. the firm's cost of cement is $3 comma 600.003,600.00 per acre covered (c) and its cost of labor is $35.0035.00/hour (w). for the quantities of c and l that the firm has chosen, mp subscript upper c baseline equals 60mpc=60 and mp subscript upper l baseline equals 7mpl=7. is this firm minimizing its cost of producing parking spaces?