Canvas X Real GDP per ho A B :$40 60 Capital per hour worked (K/L) A decrease in the capital per hour worked causes a movement: OB to A OD to C OC to B OC to A Production function1
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- Uisng Scottish Government input output tables for 2019, look at the ten sectors in food and drink production (SIC10.1" Meat processing" to 11.07 "Soft drinks". Which sector has the highest output? Question 5Answer a. SIC 11. 07 "Soft drinks" b. SIC 11.01 -0.4 "Spirits and Wines" c. SIC 10.7 "Bakery and farinaceous" d. SIC 10.2-3 "Fish and fruit processing"Define factors of production and describehow they contribute to output.Assume an economy where there are two producers: a wheat producer and a bread producer. In agiven year, the wheat producer grows 3 million tonnes of wheat, of which 2.5 million tonnes aresold to the bread producer at $30 per bushel, and 0.5 million tonnes are stored by the wheatproducer to use as seed for next years crop. The bread producer produces and sells 100 millionloaves of bread to consumers for $3.50 per loaf. Determine GDP in this economy during this yearusing the product and expenditure approaches.
- Draw an example production function in terms of output and capital.GIVE 2 specific properties which define its shape; explain these usingthe definition and properties of MPK.Consider the following information Country Population GDP at PPP GDP Anacreon 4,654 4,330,416 4,330,416 5,094,929 Terminus 4,629 4,433,082 4,898,100 5,332,980 Alpha 3,142 4,747,081 5,195,908 Trantor 1,886 Given the information on the table, which country has the highest living standard? Input 1 if it is Anacreon Input 2 if it is Terminus Input 3 if it is Alpha Input 4 if it is Trantor Input 5 if none of the themworn out in the production process. ment Now IzMe: Section 2.7 uge your comprehension of this section. To begin, please click the wnward arrow located at the top right of this box. Assignment Score: 0.00% Submit Assignment for Grading Save ns tu2et10h_Ch02_Sec07.02m « Question 2 of 3 » Check My Work Three different economies have made choices about the production of capital goods. Which of the following is most likely to produce the greatest growth in the production possibilities curve (PPC)? O a. Less production of capital goods than what is needed to replace worn-out capital. Ob. Capital goods produced at the exact rate needed to replace worn-out capital. c. More production of consumption goods that replace worn-out capital. O d. Greater production of capital goods than what is needed to replace worn-out capital. MacBook Air DD F6 EZ F8 F9 F10 F11 F12 & * 6 7 8 { P + 000
- Suppose firms in Utopia produce only ice cream and chocolate candies. Consider Utopia's production information presented in the table below. Ice cream Chocolate Candies Year Quantity Produced (gallons) Price per gallon Quantity Produced (boxes) Price per candy box 2014 6,000,000 $10 14,000,000 $4 2015 7,000,000 $8.75 16,000,000 $4.75 2016 8,500,000 $8 20,000,000 $5.5 Nominal GDP of Utopia was the highest in __? The real GDP of Utopia in 2016 is higher if ___ is the base year than if ____ is the base year.capital, natural resources, Look at the image below and give desrciption of your understanding of what it represents in our economy: Product market Revenue Products Households Firms Income Resources Resource market Microsofft Ede entrepreneurial ability Goods and services Expenditure AGE LEAPINING 2015Pitt 2224 X BIOS X Б Ansv X Recr X (15) X Bio Micro The X A My ( xuli Ecor x Micr X Chem II N Hom X Mail x G bud x + production-gradescope-uploads.s3-us-west-2.amazonaws.com/uploads/pdf_attachment/file/65133311/2022s_Recitation_2_Activity.pdf?X-Amz-Algorithm=AWS4-HM... A Apps M Gmail YouTube Maps KnightCite Citatio... Charles Schwab O job E Reading List Microsoft Word - 2022s Recitation 2 Activity 1 / 2 110% + | 0 O Recitation Activity 2: Utility Maximization & Demand Name: Part 1: Utility Maximization Bart and Maggie are Pitt students who are allocating their budget for carrying bags between plastic bags, which cost $0.25 each, and the Pitt ByoBag, which costs $6 each. They each have a budget of $18 to cover the cost of carrying bags over the 30 week semester. 1 MAGGIE (Budget = $18) Plastic Bags ВyoBags MU Quantity Total MU/S Quantity Total MU MU/S Utility (Р-6) Utility (P=.25) 1 144 144 24.00 1 10 10.00 40.00 168 24 4.00 12 40 2.00 8.00 3 180 12 2.00 24 55 1.00 4.00 4 186 1.00 48 70…
- The data in the accompanying table give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Turning Point (A) (B) (C) (D) (E) Date Jan 1980 July 1980 July 1981 November 1982 July 1990 Real GDP (2012 $ billions) 6,837.6 6,688.8 6,978.1 6,794.9 9,398.5 The economy experienced an expansion that lasted from Select one: a. July 1980 to November 1982. b. January 1980 to July 1981. c. July 1980 to July 1981. d. July 1981 to November 1982.Question 2 of 20 The table provides production data for a small tattoo shop. Use the information provided to complete the table. Number of Tattoos Marginal workers completed product (workers) (tattoos) (tattoos) N/A 1 8. 8. 2 22 А. 3 В. 8. 4 35 С. A. marginal product of the second worker: tattoos B. tattoos completed with three workers: tattoos C. marginal product of the fourth worker: tattoosFrom the data below calculate the gross national product at factor cost: Ksh. MillionImports 42,000Value of physical increase in stock 1,300Exports 43,000Capital formation 25,000Government expenditure 29,000Consumer expenditure 84,000Taxes on expenditure 20,000Subsidies 3,000Net property income from abroad 400
