Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 3, Problem 4P
To determine
The assumed objectives of the households, firms, and the government in economic analysis.
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8) Firms A-E are involved in the production of some good. What is the total value added by all
the firms in the production of this good? What did each firm add separately in value and what
does it total?
Stage of production
Firm A
Firm B
Firm C
Firm D
Firm E
Sales value of product
$1,600
2,500
3,700
5,200
7,600
2) In economics, How much of it do we get? Who gets to have more?
3) Who makes all this stuff? (economics)4) How is it made? (economics)
(Limitations of Rationality) Describe two limitations that make rational economic decisions more challenging.
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