2. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets. Suppose Kate earns $625 per week working as a doctor for the Medical Clinic. She uses $8 to have breakfast at Dinah's Diner. Dinah's Diner pays Hubert $500 per week to work as a short-order cook. Hubert uses $175 to purchase medical services from the Medical Clinic, Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market

2. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Markets for Goods and Services Firms Households Markets for Factors of Production Based on this model, households earn income when purchase in factor markets. Suppose Kate earns $625 per week working as a doctor for the Medical Clinic. She uses $8 to have breakfast at Dinah's Diner. Dinah's Diner pays Hubert $500 per week to work as a short-order cook. Hubert uses $175 to purchase medical services from the Medical Clinic, Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Factor Market Product Market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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23 Introduction to Economics Please solve it very quickly ????
Using the language of and components of the circular flow diagram, Answer the following questions: 1)Which institution or group of institutions of the circular flow model is missing? Explain how you might include those groups into this model. 2)In what way our business and households both sellers and buyers in this model? 3)What are the flows in this circular flow model? 4)
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The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in markets for goods and services. Suppose Alyssa earns $850 per week working as an installation technician for Stephon's Satellite Service. She uses $8 to buy shampoo at Christian's Corner Store, Christian's Corner Store pays Tim $525 per week to stock shelves. Tim uses $350 to purchase satellite tv from Stephon's Satellite Service.
The outer flow in the circular flow diagram is measured in O goods and services produced inputs (factors of production) O government revenues O money MacBook Air 吕口 F3 D00 F4 F5 F6 F7 F8 2$ & 4 7 8 Y 6
David and Morgan are farmers. Each one owns a 12-acre plot of land. The following table shows the amount of zucchini and watermelon each farmer can produce per year on a given acre. Each farmer chooses whether to devote all acres to producing zucchini or watermelon or to produce zucchini on some of the land and watermelon on the rest. David Morgan WATERMELON (Pounds) 120 On the following graph, use the blue line (circle symbol) to plot David's production possibilities frontier (PPF), and use the purple line (diamond symbol) to plot Morgan's PPF. 108 96 84 72 60 48 36 24 Zucchini (Pounds per acre) 6 12 8 Watermelon (Pounds per acre) 2 4 David's PPF Morgan's PPF ?
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