ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
If the price of a hot dog is $2 and the price of a
hamburger is $4, then 30 hot dogs contribute as
much to
a. 5
b. 15
c. 30
d. 60
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- Wha t components of GDP (if any) would each of thefollowing tt"a:nsactions affc,: t? Explain.a. Uncle Henry buys a new refrigerator from adomestic manufactu=.b. Aunt Jane buys a new house from a local builder:c. The Jackson famil}' bU}'S an old Victorian housefrom the Walker fan1ily.d. You pay a hairdresser for a haircut.e. Ford sells a Mustang from its inventory to theMartinez family.f. Ford manufactures a Focus and sells il to Avis, thecar rental company.g. Cal.ilornia hires workers to repave Highway JOI.h. The federal government sends your grandmothera Social Securil y check.i. Your parents buy a bo ttle of French wine.j. Honda expands its factory in Ohio.arrow_forwardIf change in consumption is $350 and change in income is $720 Find APCarrow_forward1. Complete this chart. ***Remember, you are looking at the change in income and spending. ( Income $20,000 $40,000 $60,000 $80,000 Expenditures MPC N/A $11,000 $25,000 $35,000 $41,000 MPS N/Aarrow_forward
- 3. Categories of expenditures Shen and Valerie Ferrari live in Swarthmore, PA. Valerie's father, Antonio, lives in Sweden. For each of the following transactions that occur in their lives, identify whether it is included in the calculation of U.S. GDP as part of consumption (C), investment (I), government purchases (G), exports (X), or imports (M). Check all that apply. Transaction Shen's employer upgrades all of its computer systems using U.S.-made parts. Valerie gets a new video camera made in the United States. The state of Pennsylvania repaves highway PA 320, which goes through the center of Swarthmore. Valerie's father in Sweden orders a bottle of Vermont maple syrup from the producer's website. Shen buys a bottle of Italian wine. OOOoo 0 I 00000 G 00 000 X 00000 M OC 0 0 0 0arrow_forwarda. If Ca Ca is $120, Ig is $60, X, is-$10, and Gis $40, what is the economy's equilibrium GDP?arrow_forwardIdentify the components of the GDP formula (expenditure approach). Explain how the current COVID-19 pandemic will affect said components and therefore affect GDP (arc the components increasing/decreasing?). Lastly, why are these components affected? Example: Think about what is happening to households and firms and how it changes their relationship for cach other. What is the government doing and do you think it will be sufficient?arrow_forward
- Suppose that an economy consists of only two individuals. Jeremy has $1150 available to spend on goods. He decides to purchase $750 worth of produce from Michele in the current month. No other economic activity takes place during the current month. Using this information, answer the questions. For the current month, what is the economy's income? $ For the current month, what is the economy's expenditure? $ In an economy, how are income and expenditure related? O Income is less than expenditure. Income is greater than expenditure. They are unrelated. O They are equal.arrow_forwardWhat is the formulae to find Increase in sales?arrow_forwardSuppose you have the following information about production levels of Ibs. of caviar and bottles of wine, and the market-clearing prices for each of the nine allocations: 5. Caviar Wine Pricecaviar Pricewine GDP Allocation $50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 $166.67 187.50 $350.00 175.00 A 90 100 B 80 200 214.29 250.00 300.00 116.67 87.50 70 300 60 400 E 50 500 70.00 375.00 500.00 58.33 50.00 F 40 600 G 30 700 H 20 800 750.00 43.75 I 10 900 1500.00 38.89 A. How much wine must be sacrificed to produce 1 more lb. of caviar? B. Is allocation point A efficient? (As in class, prove your conclusion with math) C. Which allocation point is efficient? (As in class, prove your conclusion with math) D. Suppose government assesses a tax of $40 per bottle of wine, but no tax on caviar. i) what will be the new equilibrium? Why? ii) how much of the tax is forward shifted? Explain iii) how much of the tax is backward shifted? Explainarrow_forward
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