Demonstrate that profit maximizing firms in a competitive economy pay factors of production their marginal products. Given Y=F(K, L) where output, Y, is a function of labor, L, and capital, K. The wage paid to labor is W and the rental rate of capital is R.

What cylinder head operation is the technician performing in this figure?

Match the steps for conducting an informational interview with the tasks in each step.

Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.