PROBLEM 5P
Prove directly (by calculating the heat taken in and the heat expelled) that a Carnot engine using an ideal gas as the working substance has an efficiency of 1 − Tc/Th.
4700GovernmentandBusiness Week2-3 MarketsandEquality Forthemarket • Rewardsability(someonewiththeabilitytocreateamarketandsellgoods withouttheworryofamonopolyorbarrierstoentry) • Distributesbenefits&burdenswithoutcentralauthority • Opportunityforall(allmarketshaveopportunity) Againstthemarket • Economicrents o Example:LebronJamescreatesnaturalbarrierstoentry o Lebronhasascarcetalentthatpaysaverylargepremium o Economicrents:competitivemarketvs.not o Wage=MP (Larginal o W>MP L productoflabor) o r=(priceofcapital)=MPK o r>MP K (marginalproductofcapital