Please help answer a,b, & c Imagine you are a time traveller and you enter a small medieval village and find your way to theonly inn. The innkeeper rents rooms for $10 a week, which you pay, as that is the exact amountof money you brought. The innkeeper promptly goes across the street and buys a new pair ofshoes (which were just being finished) from the cobbler for $10. Later the same day, the cobblerpurchases a new bridle and a set of horseshoes (just produced) from the stable master for,again, $10. Right at the end of the day the stable master buys a year's supply of candles(freshly produced) from the candle maker for, of course, $10. These are the only economictransactions in the whole village on that particular day.Measure the total expenditures, total income earned, and total value of production for that day.What stock of money was used to generate this income flow? Post your answers to the following questions, as they relate to the model you drew:a. What were the total expenditures? What was the total income earned? And finally, whatstock of money was used to generate this income flow?b. What is the relationship between production, expenditures, and income?C. What comes first: production or expenditure? And is it conceivable, for instance, to haveincome and production, but no expenditures?

we can give the answer of the following as follow-

a. What were the total expenditures? What was the total income earned? And finally, what stock of money was used to generate this income flow? b. What is the relationship between production, expenditures, and income? C. What comes first: production or expenditure? And is it conceivable, for instance, to have income and production, but no expenditures?

a. What were the total expenditures? What was the total income earned? And finally, what stock of money was used to generate this income flow? b. What is the relationship between production, expenditures, and income? C. What comes first: production or expenditure? And is it conceivable, for instance, to have income and production, but no expenditures?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please help answer a,b, & c

Imagine you are a time traveller and you enter a small medieval village and find your way to the
only inn. The innkeeper rents rooms for $10 a week, which you pay, as that is the exact amount
of money you brought. The innkeeper promptly goes across the street and buys a new pair of
shoes (which were just being finished) from the cobbler for $10. Later the same day, the cobbler
purchases a new bridle and a set of horseshoes (just produced) from the stable master for,
again, $10. Right at the end of the day the stable master buys a year's supply of candles
(freshly produced) from the candle maker for, of course, $10. These are the only economic
transactions in the whole village on that particular day.
Measure the total expenditures, total income earned, and total value of production for that day.
What stock of money was used to generate this income flow?

Post your answers to the following questions, as they relate to the model you drew:
a. What were the total expenditures? What was the total income earned? And finally, what
stock of money was used to generate this income flow?
b. What is the relationship between production, expenditures, and income?
C. What comes first: production or expenditure? And is it conceivable, for instance, to have
income and production, but no expenditures?

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