On August 12, a company provides services on account to a customer for $3,800. However, on August 16, the customer is not completely satisfied with the service and the company grants an allowance on the amount owed of $420. On August 20, the customer makes full payment of the balance owed, excluding the allowance.

Record the services provided on August 12, the sales allowance on August 16, and the cash collection on August 20.

Suppose the production function in an economy is y = k0.5l0.5, where k is the amount of capital and l is the amount of labor. the economy begins with 64 units of capital and 16 units of labor. use a calculator and equations in the chapter to find a numerical answer to each of the following questions. what are the wage and the rental price of capital? the wage is equal to unit(s) of output and the rental price of capital is equal to unit(s) of output.