a) Are not all goods really consumer goods, depending on how you define thecustomer ? DiscussQ1b) In the process of buying a calf, raising it to a cow, and disassembling it into"cuts" of meat for sale, where is " the value added ". Explain.

Answered: a) Are not all goods really consumer…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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a) Are not all goods really consumer goods, depending on how you define the
customer ? Discuss
Q1
b) In the process of buying a calf, raising it to a cow, and disassembling it into
"cuts" of meat for sale, where is " the value added ". Explain.

Expert Solution

Step 1

In economics, goods are items that satisfy human desires and provide utility, such as a consumer purchasing a satisfying product. A common distinction is made between transferable goods and non-transferable services. In economics, goods are items that satisfy human desires and provide utility, such as a consumer purchasing a satisfying product. Goods can range from merchandise, supplies, raw materials, to finished products. All movable items that are sold to a specific buyer.

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