On december 29, 2019, patel products, inc., sells a delivery van that cost $20,000. after recording the entry to bring the accumulated depreciation up-to-date, the delivery van had accumulated depreciation of $18,000. patel received $2,000 cash from the purchaser of the delivery van.

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.