Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Event Households purchase Suppose Maria earns $525 per week working as a programmer for PC Pros. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kevin $300 per week to wash cars. Kevin uses $175 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Kevin spends $175 to purchase software from PC Pros. Maria earns $525 per week working for PC Pros. Kevin earns $300 per week working for Spotless Car Wash. in factor markets. Factor Market Product Market

Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Event Households purchase Suppose Maria earns $525 per week working as a programmer for PC Pros. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kevin $300 per week to wash cars. Kevin uses $175 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Kevin spends $175 to purchase software from PC Pros. Maria earns $525 per week working for PC Pros. Kevin earns $300 per week working for Spotless Car Wash. in factor markets. Factor Market Product Market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,000 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $2,500to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $60 each.Instructions: Enter your responses as whole numbers.a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ $ MNLumber $ $ $ MNFurniture $ $ $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions?$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of…
MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $2,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the Ilumber for $4,000to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $90 each. Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ MNLumber $ $ $ MNFurniture $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions? 2$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of these transactions? GDP…
Use the table with data for Maria and Jose to answer the question. Table: Maria and Jose Produce Strawberry Jam Jose charges $8 per jar. Maria charges $8 per Maria earns $200, and | Maria earns $50, and Jose earns $180. Jose charges $4 per jar. Jose earns $280. jar. Maria charges $4 per jar. If Jose charges $8, Maria should charge Maria earns $300, and Maria earns $180, and Jose earns $40. Jose earns $150. If Jose charges $4, Maria should charge $8; $8 $4; $4 $8; $4 O $4; $8
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Firm A produces 200 widgets and has a TC of $5000. It increases its factory size, increases output to 400 widgets and has a TC of $12.000. Firm B produces 400 widgets and has a TC of $12,000. It increases its factory sizes, increases output to 500 widgets and hn a TC M $15.000. Firm C produces 600 widgets and has a TC of $21.000. It increases its factory size, increases output to 800 widgets and han a TC ot $24,000. Which of the following statements is true? O Firm A experiences economies of scale. O All three finns experience economies of scale O Firm Cexperiences economies of scale. O Firm B experiences economies of scale. O None of the firms experience economies of scale.
Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.
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