please answer M5, M6, M7 2. Consider the interindustry table below. Now assume that the price of each item in year 2050 isgiven as follows:Grain: $8,000/t Ingredient: $250/stuffClothes: $500/clothes[M5]: How many tons of grain are used to produce ingredient?d. 400 ta. Nothingb. 200 tc. 300 te. 500 t[M6]: What is the GDP of this year?a. $9 million b. SI1.2 million c. $12.2 million d. S16.2 millione. $21.2 million[M7]: Suppose the prices in year 2060 change as follows:Grain: $10,000/t Ingredient: $300/stuff Clothes: $500/clothesBut the amounts of products are the same as the following table, then what is the GDPof 2060?a. $9 millionb. $10 millionc. $12.2 million d. $15 millione. $25 million[M8]: What is the GDP deflator of 2060 based on 2050?c. about 100.0a. 84.8d. about 111.1b. 90e. about 117.9GRAIN INGREDI-ENT CLOTHES CONSUM-PTION PRUDUCTGRAIN400 t300 t200 t500 t1,400tINGREDIENT10,00010,00020,000stuffstuffstuffCLOTHES10,00010,000clothesclothesLAND70 ha50 ha10 haLABOR500200400рeoplepeopleрeoplePRODUCT1,400 t20,00010,000stuffstuff

Gross Domestic Product(GDP) refers to the value of final goods and services produced in an economy…

Answered: 2. Consider the interindustry table…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Before an increase in excise duty on tea, 800 people out of a sample of 1000 were consumers of tea. After the increase in duty, 800 people were consumers of tea in a sample of 1200 persons. Find whether there is significant decrease in the consumption of tea after the increase in duty. LOS 5%.
10.61 The per-store daily customer count (i.e., the mean number of customers in a store in one day) for a nationwide convenience store chain that operates nearly 10,000 stores has been steady, at 900, for some time. To increase the customer count, the chain is considering cutting prices for coffee beverages. The question to be determined is how much to cut prices to increase the daily customer count without reducing the gross margin on coffee sales too much. You decide to carry out an experiment in a sample of 24 stores where customer counts have been running almost exactly at the national average of 900. In 6 of the stores, the price of a small coffee will now be $0.59, in 6 stores the price of a small coffee will now be $0.69, in 6 stores, the price of a small coffee will now be $0.79, and in 6 stores, the price of a small coffee will now be $0.89. After four weeks of selling the coffee at the new price, the daily customer count in the stores was recorded and stored in . At the 0.05…
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Exercise Annika spends all of her income on golf and pancakes. Greens fees at a local golf course are $10 per round. Pancake mix is $2 per box. When Annika's income is $100 per week, she buys 5 boxes of pancake mix and 9 rounds of golf. When Annika's income rises to $120 per week, she buys 10 boxes of pancake mix and 10 rounds of golf. Based on these figures, determine whether each of the following statements is true or false, and briefly explain your reasoning 1. Golf is a normal good, and pancake mix is an inferior good 2. Golf is a luxury good 3. Pancakes are a luxury good
In October 2015, amid rising fears about the security of credit card transactions, financial institutions and businesses made the transition to using chip cards. Unlike the quick swipe of a magnetic stripe on the back of traditional credit and debit cards, chip cards have to be left inside the terminal while the embedded chip verifies the transaction. While there is no consistent method for measuring transaction speed, news agencies report average chip speeds of anywhere from 8 seconds to 13 seconds. The switch to chip readers was precarious, with many businesses taping over the chip card slots in the terminals until the kinks were worked out. Even after a year, some businesses still could not process chips and continued to utilize the magnetic stripe for transactions. Financial institutions thought the additional security benefits of the chips would overshadow the added wait times. Yet a survey conducted by Harbortouch, a leading point-of-sale company, in 2016 showed that nearly four…

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