Exploring Microeconomics
8th Edition
ISBN: 9781544339443
Author: Sexton, Robert L.
Publisher: Sage Publications, Inc., Corwin, Cq Press,
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Question
Chapter 3, Problem 4P
To determine
Completing the Simple Circular Flow Model.
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Explain the circular flow diagram
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The image attached presents a Circular Flow Model. The model in this image is missing something.
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- Tyson and Ella work at the Ruby Red Movie Theater in town. After work, they decide to watch a movie. After purchasing their tickets, they stop by the concession stand and purchase popcorn, drinks, and candy. Use the circular flow diagram to describe the purchases that Tyson and Ella made and the services and goods that were provided to them.arrow_forwardDiscuss the interaction of the participants in the circular flowarrow_forwarddo fast i will 5 upvotes.arrow_forward
- 1. Draw a circular flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the follow of money for each of the following activities. Alain pays a storekeeper P100 for a liter of milk. John earns P90 per hour working at a fast-food restaurant Hanna spends P120 to get a haircut Anton earns P100,000 from his retailing business.arrow_forwardPart A: Give a specific example of something a household would buy or sell in the product market. Part B: In the circular flow diagram, what is a specific example of what you would buy or sell in the factor market.arrow_forwardS-Curve. Clearly draw and label the curve with a working example.arrow_forward
- In the circular-flow diagram, which of the following represents a factor market transaction? A) purchase of a new t.v. B) Expenditure on a new pair of pants. C) Payment for a haircut. D) Payment for raw materieals in the production of bikes.arrow_forwardQuestion 2.A write a short note about the following variables and support your answers by giving examples for each variable: 1.VC: 2.MC:arrow_forwardDescribe the mechanics of the circular flow model.arrow_forward
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