ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text:Use the figure below to answer the following questions.
Household expenditure
(thousands of dollars per year)
32-
24
16
00
8
16 24 32 40
Household income
(thousands of dollars per year)
Figure 1A.3.1
The slope of the line in Figure 1A.3.1 is
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- If consumption and savings are $300 and $150 respectively Calculate income of householdarrow_forwardRefer to the figure below: Insurance and pensions 11.9% Item a. Entertainment b. Transportation c. Clothing Housing 32.8% Item Weight 0.053 0.159 0.03 Entertainment 5.3% Transportation 15.9% Price Change 20% -8% 100% Health care 8.1% Source: U.S. Bureau of Labor Statistics, Consumer Expenditure Survey (2018 data). Use the item weights in the figure to determine the percentage change in the CPI that would result from a(n) a. 20 percent increase in entertainment prices. b. 8 percent decrease in transportation costs. c. doubling of clothing prices. (Note: Review the table titled "Computing Changes in the CPI" in your text for assistance.) Instructions: Enter your responses as a percentage rounded to two decimal places. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Food 12.9% Impact on CPI (Inflation Effect) Clothing 3.0% Miscellaneous 10.1%arrow_forwardSolve it correctly please. I will rate accordingly.arrow_forward
- Work out this questions An animal herder produces 300 litres of milk each year. He sells 160 litres to his neighbours and stocks 140 litres for his own consumption. Which figure should be included in household consumption: 160 litres or 300 litres?arrow_forwardProblem 1 The table below contains data about a hypothetical economy comprised of three firms. Value of sales Intermediate goods Wages Interest payments Rent Profit Total expenditure by firm Value added by firm Ore Firm ● 4200 (ore) 0 2000 1000 200 1000 4200 Steel Firm 9000 (steel) 4200 (iron ore) 3700 600 300 200 9000 • Calculate the value added by firm; ● Calculate the total factor income; ? Calculate the GDP of the economy: 1) Using the national spending approach; 2) Factor income approach; 3) Value added approach. Car Firm 21500 (car) 9000 (steel) 10000 1000 500 1000 21500 ? Total factor income ? ? ? ?arrow_forwardThe agency responsible for compiling the National Income Product Accounts for the U.S. economy is the A. Bureau of Economic Analysis B. National Bureau of Economic Research C. Bureau of Labor Statistics D. Council of Economic Advisorsarrow_forward
- 2. Personal income and expenditures data There are various categories people spend their personal income on which include goods, services, and taxes. Specifically, in the United States, the second largest category personal income is spent on isarrow_forwardTyped plz and Asap thanksarrow_forwardNonearrow_forward
- The value of Consumption is $2000 and the disposable income is given as $2700 Calculate the value of APCarrow_forwardThe equilibrium level of real GDP is Real GDP Consumption (Y) (C) $8,000 $6,200 9,000 10,000 11,000 12,000 6,850 7,500 8,150 8,800 Planned. Gov't Net Investment Purchases Exports Aggregate Planned (1) $1,675 (G) (NX) $1,675 -$500 Expenditure $9,050 1,675 1,675 -$500 9,700 1,675 1,675 -$500 1,675 -$500 1,675 -$500 1,675 1,675 10,350 11,000 11,650 Unplanned Change in Inventories $-1,050 -700 -350 350arrow_forwardCalculate APC when consumption is $210 and the income is $500arrow_forward
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