Firms are encouraged by the profit motive to use inputs efficiently

Suppose the price of leather used to produce shoes increases. The higher price of leather ________ the supply of shoes and the supply curve of shoes ________

A) increases; shifts rightward B) increases; shifts leftward C) decreases; shifts rightward D) decreases; shifts leftward E) does not change; does not shift

Your 65-year-old father is going to retire next year. He would like to have an income of $20,000 per year for the remainder of his life

If he is expected to live for ten more years, write an algebraic expression to indicate the amount of money he needs today to pay him this sum of money if the interest rate is 10 percent.