2. Consider the production function in Hamilton Village is Y = K 0.4L0.6, where K is the amount of land and L is the amount of labor. The economy begins with 200 units of land and 200 units of labor. Find a numerical answer/s to each of the following questions. [30 points] a. How much output does the economy produce? b. What are the wage and the rental price of land? c. What share of output does labor receive and what share of output does land receive?

Renaldo scanlon is a financial consultant. he earns $30 per hour and works 32.5 hours a week. what is his straight-time pay?

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

Afood worker has just rinsed a dish after cleaning it.what should he do next?