Suppose an economy produces steel, wheat, and oil. The steel industry produces $80,000 in revenue, spends $4,000 on oil, $8,000 on wheat, pays workers $60,000. The wheat industry produces $120,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers $80,000. The oil industry produces $180,000 in revenue, spends $20,000 on wheat, $20,000 on steel, and pays workers $80,000. There is no government. There are neither exports nor imports, and none of the industries accumulate or deaccumulate inventories. Calculate GDP using the production and income approaches.
Q: where did 11 come from?
A: The formula we use for calculating the amount if the principal is compounded at an interest rate r…
Q: 53) Which of the following statements about the ripple effects of monetary policy is FALSE? Monetary…
A: Monetary policy is a bunch of activities to control a country's general cash supply and accomplish…
Q: QUESTION 20 f(x) = (3x-4) 4. What is f'(x) at x=2? QUESTION 21 f(x) = x-1 x+1 What is f'(x) at x=1?
A: To find out f’(x) of a function, differentiate the function with respect to x taking other variables…
Q: 1. Given the Philippine labor statistics in the table below: a. Derive the demand and supply…
A: The labor demand curve is the relationship between the wage rate and the number of people employed…
Q: he student chapter of Philippine Society of Mechanical Engineers is planning a 6-day trip to the…
A: A Break-even point refers to the point at which what one earns matches what one spends or we can say…
Q: A company estimates that the relationship between unit price and demand per month for a new product…
A: Given, p=$100-$0.10DFixed cost = $15,972 per monthvariable cost = $ 45 per unit
Q: Find the interest rate that an amount of P5000 accumulated to 11,040.20 after 10 years compounded…
A: Interest rate means how high the cost of borrowing is, or high the rewards are for saving. Thus, in…
Q: UK officially left the EU as of 31st December 2020 to ‘trade internationally’. Discuss the impact…
A: Impact upon consumers When it comes to prices, international trade can have a considerable impact on…
Q: Sven, Andrew and Becky each have an income of $5. Initially the price of commodity x and the price…
A: We know that the budget of a consumer is given by: M= xPx + yPy , where, M= Money income of the…
Q: Suppose a farmer is using fertilizer (X) to produce two products: cotton (Y₁) and maize (Y2). The…
A: Introduction Here a farmer is using fertilizer ( X) to produce two products: cotton ( Y1) and maize…
Q: QUESTION 3 28 24 20 16 12 8 4 0 P 04 8 12 16 20 3. The maximum that buyers are willing to pay for…
A: Given that, there is a graph between price and quantity. and we have to find the maximum that…
Q: Refer to Table 13-9. What is variable cost when output equals 30 units? Select one: O a. $90.00 O b.…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The demand and supply schedules in this table list the quantity supplied and quantity demanded of…
A: Demand and Supply Find out the cost of the goods and how much is produced and consumed.By making…
Q: Which of the following is not a property of a firms cost curves? Select one: a. Marginal cost must…
A: DISCLAIMER “Since you have asked multiple questions, we will solve the first question for you. If…
Q: What are the challenges for the oil market as follows: Competition in the market including the…
A: There exists various markets like perfectly competitive market, oligopoly market, monopoly,…
Q: What advantage does economics have over the other social sciences that study human behavior? What…
A: Economics The allocation of scarce resources by individuals and organizations for production,…
Q: How you will convert your money into specific crypto?
A: There are a few different ways to convert your money into cryptocurrency. You can use an online…
Q: Do you think the rise of AVs will eliminate some jobs? What are those jobs?
A: It is possible that the rise of AVs will eliminate some jobs, such as taxi drivers, truck drivers,…
Q: 53) Which of the following statements about the ripple effects of monetary policy is FALSE? Monetary…
A: When a firm encounters a negative shock to the monetary system and is unable to quickly replace…
Q: The demand and supply schedules in this table list the quantity supplied and quantity demanded of…
A: Demand refers to the quantity that a consumer wishes to buy at a given price in a given period of…
Q: Assume that Smith deposits $500 in currency into her checking account in the XYZ Bank. Later that…
A: As we know A bank is a financial institution that mainly bridges the gap between savers and…
Q: GDP is not a perfect measure of social welfare and the society's economic well-being because…
A: GDP is the production of goods and services during financial year. Rise GDP does not mean that…
Q: The rent on an apartment in a particular building near campus is $1,200 per month. If Min would be…
A: Grpahically, consumer surplus is the area below the demand curve and area above the price line. It…
Q: Real GDP versus Nominal GDP?
A: When talking about GDP, it can be said that it is calculated in two ways that are real GDP and…
Q: Acme Semiconductor is expanding its facility and needs to add equipment. There are three process…
A: Particular Tool A Tool B Tool C Investment Cost 55000000 45000000 80000000 Annual Expenses…
Q: Briefly explain discuss the different types of unemployment and the different methods used to…
A: Unemployment: Unemployment refers to an economic situation in which people are capable, willing, and…
Q: . Question 11 options: ----------------Measures the value of production that occurs within a…
A: GDP or Gross Domestic Product is the sum total of the market value of final goods and services…
Q: Use the following information to work Problems 1 to 3. Brazil produces ethanol from sugar, and the…
A: "Since you have asked multiple question,we will solve first question for you.If you want specific…
Q: Year Cost of basket (R) of consumer goods / services Base Year 2018 1850 2019 2190 2020 2380 2021…
A: The Consumer Price Index is an important economic metric. It measures the average change in prices…
Q: produce a discussion paper for a group exercise with other candidates which analyses the…
A: The cultural and regulatory diversity of international markets can present both challenges and…
Q: b. Use the figure below to explain the impacts of a earning that is below the equilibrium earnings…
A: Equilibrium refers to the point where demand is equal to the supply
Q: 0 1 2 3 4 5 6 7 8 56 48 42 35 28 21 14 7 0 Instructions: Round intermediate calculations and round…
A: A product's value flexibility of interest is a proportion of how delicate the amount demanded is to…
Q: There is an increase in demand of 100 units at each price and a decrease in supply of 100 units at…
A: Solution: The equilibrium occurs at an intersection of demand and supply i.e. a price $400 and…
Q: When making decisions about what safety systems should cars or airplanes, the estimated cost per…
A: Sustainable development is an organizing concept for meeting human development aims while also…
Q: The government recently imposed a number of regulations on companies that will make it more…
A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…
Q: 53) Which of the following statements about the ripple effects of monetary policy is FALSE? Monetary…
A: Monetary policy is a bunch of activities to control a country's general cash supply and accomplish…
Q: What are the main reasons/statistics that have encouraged the government to look at student debt…
A: The default rate is rising, and many graduates are struggling to repay their loans. Graduate…
Q: 1.Show that interest rate has an impact on the income velocity of money.
A: Money Money is a good that is widely used as a mechanism of economic exchange. The primary measure…
Q: Calculate per capita income for both countries.
A: Given, Country L = Population (millions) K = Capital (trillion) Y = Output (trillion) Mexico…
Q: 21. The population of a town has a constant growth of 4% p.a. If its present population is 62,500,…
A: We use the formula of compounding to calculate the population of the town after 2 years. Formula…
Q: Find the present worth of a future payment of P214,000 to be made in 11 years with an interest of 5%…
A: FV = 214,000 n = 11 Years r = 5%
Q: If the value of the marginal product of pie makers increased, a possible explanation could be Select…
A: Introduction The Marginal Product is the total product multiplied by a single variable input unit…
Q: 4) An economic consultant for MCM corporation recently provided the firm’s marketing manager…
A: Demand Function for firm's product : Qxd = 12,000 − 3Px + 4Py − 1M + 2Ax Given : Px=200 Py=15…
Q: The mean cost of domestic airfares in the United States rose to an all-time high of $375 per ticket.…
A: The z-score refers to the distance between a data value and itsμ in the form of the number of σ. If…
Q: Suppose that the demand for toy drums is described by the equation Qp = 300 - 5p, and supply is Qs =…
A: Equilibrium condition is that condition where Demand is equal to supply. In this demand and supply…
Q: PRICE (Dollars per pound) 10 9 8 6 5 4 3 2 1 0 0 Demand 10 20 30 40 50 60 70 80 90 100 QUANTITY…
A: Price Elasticity of Demand is an important concept which shows that how sensitive a good or service…
Q: A production plant has the capacity to produce 2,000 tons per year. At full capacity, there are…
A: Maximum Capacity = 2000 Total Variable Cost = 100,000,000 Total Fixed Cost = 35000000 Profit =…
Q: Use the graph below to answer the following question(s). Investment Goods 10- 298765 MNT B .D 0 1 2…
A: This is the PPC - production possibility curve which shows the two good's possible combination that…
Q: Taxes on producers cause the equilibrium price of a good to
A: "In a market, equilibrium exists at a point where demand and supply curve intersects each other.…
Q: "Because it is good for individual households to increase their saving in the short run, it is…
A: Here we are talking about the short run where the economic growth is demand driven. And the demand…
1. Suppose an economy produces steel, wheat, and oil. The steel industry produces $80,000 in revenue, spends $4,000 on oil, $8,000 on wheat, pays workers $60,000. The wheat industry produces $120,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers $80,000. The oil industry produces $180,000 in revenue, spends $20,000 on wheat, $20,000 on steel, and pays workers $80,000. There is no government. There are neither exports nor imports, and none of the industries accumulate or deaccumulate inventories. Calculate GDP using the production and income approaches.
Please provide what rules/formulas are used to solve this and the final answer.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table provides information about the prices and output for these three goods for the years 2018, 2019 and 2020. Quantity of Good X Quantity of Good Y Quantity of Good Z Year Price per Good X Price per Good Y Price per Good Z 2018 $10 10 $5 10 $10 20 2019 $10 14 $5.2 11 $10 21 2020 $11 14 $5.4 12 $10 23 g. Using 2018 as the base year, fill in the following table. Year GDP deflator measured on a 100-point scale with 2018 as the base vear 2018 2019 20204. Exercise 2.5 The demand for MICHTEC's products is related to the state of the economy. If the economy is expanding next year (an above-normal growth in GNP), the company expects sales to be $90 million. If there is a recession next year (a decline in GNP), sales are expected to be $75 million. If next year is normal (a moderate growth in GNP), sales are expected to be $85 million. MICHTEC's economists have estimated the chances that the economy will be either expanding, normal, or in a recession next year at 0.3, 0.5, and 0.2, respectively. The expected annual sales is The standard deviation of annual sales is million. The coefficient of variation of annual sales is million.7. Suppose a country produces three goods: Good X, Good Y and Good Z. The following table provides information about the prices and output for these three goods for the years 2018, 2019 and 2020. Price per Good X Price per Good Y Price per Good Z Quantity of Good Z Xear Quantity of Good X Quantity of Good Y 2018 $10 10 $5 10 $10 20 2019 $10 14 $5.2 11 $10 21 2020 $11 14 $5.4 12 $10 23 Using the provided information, fill in the following table. а. Xear Nominal GDP 2018 2019 2020
- 4. DBS Farms is a producer and retailer of farm products. DBSmain products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. a. Comment on the planned price changes. b. Would a 10% price reduction have been better for some or all of the products?Suppose an economy produces steel, wheat, and oil. The steel industry produces $100,000 inrevenue, spends $4,000 on oil, $10,000 on wheat, pays workers $80,000. The wheat industryproduces $150,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers$90,000. The oil industry produces $200,000 in revenue, spends $40,000 on wheat, $30,000 onsteel, and pays workers $100,000. There is no government. There are neither exports norimports, and none of the industries accumulate or decumulate inventories. Output not sold toother sectors is sold as final goods Q A government is introduced. First consider this policy: the government taxes oilproducers $10,000, and distributes this revenue to workers. Recalculate GDP using theincome approach.1. Much of the demand for U.S. agricultural output comes from other countries. Suppose that the total demand for wheat in the U.S. wheat market is QDT = 3,244 – 283P, where P is the price measured in dollars per bushel and Q is the quantity of wheat expressed in millions of bushels per year. Of the total demand, total domestic demand was QD,US = 1,700 – 107P. Total supply of wheat in the U.S. market is QST = 1,944 + 207P. As a result of the ongoing trade war with China, suppose the export demand for wheat falls by 40 percent. a. U.S. farmers are concerned about this drop in export demand. How does this drop in export demand impact the market price of wheat in the U.S.? Do farmers have much reason to worry? Explain/support your answer. b. How does the reduction in export demand affect U.S. consumer surplus in the wheat market? Illustrate and explain. c. Now, suppose the U.S. government wants to buy enough wheat to raise the price to $3.50 per bushel. With the drop in export…
- Refer to the information provided in Table 21.10 below to answer the question that follow. Table 21.10 Production Prices Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 Good X 50 $1.00 $0.60 $1.20 $1.00 50 60 $1.20 Good Y 100 120 140 $0.60 Refer to Table 21.10. Assume that this economy produces only two goods Good Xand Good Y. The value for this economy's nominal GDP in year 3 is Lutfen birini seçin: O A $144. OB. $212. OC $160 OD $200 OE S180.(Figure: Total Expenditures) As the price of the product rises from $0 to $40, what happens to total expenditures? Price $100 90 80 70 60 50- 40 30 20 10- D 0 10 20 30 40 50 60 70 80 Quantity Total expenditures first increase and then decrease, as price approaches the midpoint of the demand curve. Total expenditures remain unchanged. ● Total expenditures decrease, reaching a minimum at a price of $40. Total expenditures increase, reaching a maximum at a price of $40.Why are prices of agricultural commodities volatile? Discuss, drawing on economic theory and using examples. taking the wheat market as an example. What happens to the income of all wheat growers if the wheat supplied increases, with no other changes? What happens to the income of all wheat growers if the wheat supplied decreases, with no other changes?
- 4. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. a. Comment on the planned price changes. b. Would a 10% price reduction have been better for some or all of the products?4. DBS Farms is a producer and retailer of farm products. DBS main products are Mangoes, Pawpaw and Pineapples. The current price of the Mangoes per Kilogram is GHS 50, the Pawpaw/Kg is GHS 80 and the Pineapple is GHS 40. This year the DBS Farms sold 10,000 kgs of Mangoes, 20,000 kgs of Pawpaw and 1 million kgs of Pineapples. In an attempt to improve revenue, the managers of the firm have decided to increase all prices by 10%. Market research has suggested that the price elasticity of demand for each product is: Mangoes: - 1.5; Pawpaw: -2.5; Pineapples: - 0.6. You have been asked to evaluate the planned price increases. a. Comment on the planned price changes. b. Would a 10% price reduction have been better for some or all of the products? 5A. Explain how microeconomics differs from macroeconomics. Which of the following headlines, taken from the various issues of The Daily Graphic, deal with microeconomics: a. "Nestle Ghana posted a 18% increase in sales" b. "GRIDCO plans to slash…JUST PART D PLEASE 3. Suppose an economy consists of Baseball, Seafood, and Technology. To produce one unit of Baseball requires: .2 units of Baseball .4 of units of Seafood .3 units of Technology To produce one unit of Seafood requires: .1 units of Baseball .2 of units of Seafood .5 units of Technology To produce one unit of Technology requires: .3 units of Baseball .1 of units of Seafood .5 units of Technology The consumer demand is: 170 units of Baseball 100 units of Seafood 200 units of Technology A. Define the necessary variables to determine the amount of Baseball, Seafood, and Technology to supply to satisfy manufacturing and consumer demands. B is S is T is B. What are the 3 algebraic equations that relate the amount supplied, amount consumed during manufacturing, and amount demanded by the consumer? C. Express the 3 equations from part B in the equivalent matrix form. D. How much Baseball, Seafood, and Technology must be supplied to meet manufacturing and consumer demands.…