Apple produces the iphone and sells their goods at the market. If Apple's revenue is represented by a flow of dollars from Box C to Box A of this circular-flow diagram, then the flow of land (site) that the household provides are represented by a flow

Apple produces the iphone and sells their goods at the market. If Apple's revenue is represented by a flow of dollars from Box C to Box A of this circular-flow diagram, then the flow of land (site) that the household provides are represented by a flow

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: S. D. D.

A: Demand means the quantity of goods that a consumer is willing and able to purchase during a given…

Q: Kayla and Josel produce food and luxury goods. Kayla has 10 hours; it takes her 1 hour to produce 1…

A: Comparative advantage is the trade theory given by Ricardo, as per the theory each country should…

Q: Discuss the circular flow diagram based on your own understanding and give an example where you…

A: Circular flow: The circular flow of income and expenditure explains the process that determines…

Q: 2. The Lorenz curve of a particular society is given by L(x) = Ax? + Bx. Suppose that the poorest…

A: 2) The Lorenz curve depicts how money (or wealth) is distributed throughout an economy.It was…

Q: Imagine that you have an "eatery" business, enumerate and briefly discuss your factors of production…

A: The different factors of production include capital, land, labour, and entrepreneurs. These are…

Q: According to a simple circular-flow diagram, how many markets do households and firms interact in?…

A: A simple circular flow diagram represents the interaction between economic decision-makers and…

Q: Impact Inc. is an economic consulting firm that prepares economic impact reports for cities and for…

A: Economic impact of event is the creation of business or financial outcome in consequences. It can…

Q: What are the characteristics of factors of production Only three characteristics

A: According to the given question The factors of production are also known as the productive resources…

Q: CENGAGE MINDTAP omework(Ch 13) 1. Definition of economic costs Sean lives in Detroit and runs a…

A: Explicit cost refers to the cost which is incurred for running a business. It includes the payments…

Q: Barney decides to quit his job as a corporate accountant, which pays $12,000 a month, and goes into…

A: Costs are the expenses that firms incur in the production of goods and services. A firm can incur…

Q: Price of Good X ($) 20 18 16 14 12 10 8 6 4 2 0 0 1 The Market of Good X 2 3 Quantity of Good X 4 S…

A: Solution 5: The point of intersection of the demand and supply curve is called the equilibrium point…

Q: conditions for production and consumption efficiency.

A: Economic efficiency refers to a condition of affairs in which all resources are distributed properly…

Q: 9) In economics, the term physical cupina A) refers to funds used by businesses to acquire goods and…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: To celebrate a big achievement of mine, I invited friends to my house for a party. Now, I am…

A: Given: Price of the bottle = $2 Price(P) and Quantity (Q) are: P1 = 1, P2 = 5 Q1 = 100, Q2 =200…

Q: How Zuwaina is helping Oman’s economy, explain?

A: In this situation, Zuwaina, the Chief Executive Officer of Dar Al Herfya (World of Handicrafts),…

Q: Please provide steps by step answer with proper explanation with final answer

A: Determining Value Added and Contribution to GDPPart (a): Value Added at Each StageStage 1: Trees…

Q: Brian and Crystal are farmers. Each one owns an 18-acre plot of land. The following table shows the…

A: Brian and Crystal are farmers. Each one owns an 18-acre plot of land. From the table given, Brian…

Q: How do I graph this? My equilibrium I'm getting P=14 but when I plug that into the equations I'm…

A: Equilibrium price of a commodity is the price at which the quantity demanded of the commodity equals…

Q: An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a…

A: The concept of interdependence of sectors refers to the mutual reliance between different sectors of…

Q: A company makes two types of calculators, one that uses batteries and one that is solar powered. The…

A: Given:The company makes two products - battery operated calculators and solar-powered calculators…

Q: 1. Raul has a wall 4 units long and 2 units wide in the Cartesian plane centered on the origin. On…

Q: In the simple circular-flow diagram, in which market are households sellers? the factors of…

A: Introduction Circular flow of income refers to the cycle of generation of income in the production…

Q: Given that Nathan has 10 acres and can grow 15 bales of hay or 40 bushels of corn on an acre, while…

A: Given that: Acres of land Nathan owns = 10 acres Nathan can produce 40 bushels of corn or 15 bales…

Q: John is trying to decide how to divide his time between his job as a stocker in the local grocery…

A: The correct option is B. $2 and $3.5 respectively. Explanation:John's per-window reservation price…

Q: Suppose that Maria is starting a food ordering and delivery company. Customers order meals online.…

A: Production functions shows the relationship between inputs and outputs. Production functions shows…

Q: You produce shoes (Q) with labor (L) and capital (K). The production process is as so: Q = 400L -…

A: We have, Q=400L-20L2+600K-10K2 Cost of labor = $20 Cost of capital = $30 Budget = $660

Q: Consider a manufacturing firm using human capital at home to produce two inputs, 'R & D' and…

A: The PPF curve highlights the different combination of goods that the producer can look to produce…

Q: Distinguish between the resource market and the product market in the circular flow model. In what…

A: The market of resource exists where entrepreneurs of resources (example, households) supply the…

Q: Compare the results of your personal time allocation to your ideal time allocation. Are you close to…

A: I set aside part of my time to study or refresh my knowledge and part of my entertainment, sometimes…

Q: Chinese investors decide to buy the Summerside golf course and build a resort hotel. The journal…

A: The student's reasoning can be explained as follows.

Q: COVID-19 pandemic, negatively impacted inflation and the cost-of-living in Antigua and Barbuda. Of…

A: 1) Inflation is a financial indicator that measures the rate at which the price of goods and…

Q: A farmer can grow wheat or corn. The unit profits for a bushel of each are the same. To grow wheat…

A: Given, In case of Capital, One bushel of corn requires 2 units of capital, One unit of wheat…

Q: Potatoes cost Janice $1.00 per pound, and she has $6.00 that she could possibly spend on potatoes or…

A: Total utility is defined as the satisfaction obtained from all units of the commodity consumed. It…

Q: he Chief Executive Officer of Dar Al Herfya (World of Handicrafts) spends her days contacting…

A: Zuwaina is an entrepreneur based in Oman who left a corporate desk job to venture out on her own.

Q: We have two individuals, A and B, who works 40 hours per week each. They each consume food and…

A: Production cost defines the total expenses incurred by a firm in creating and manufacturing goods or…

Q: David, who works as a financial analyst, has a bachelor's degree in economics and is thinking of…

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…

Q: 1. Show that for a saving rate s, the law of motion for the capital stock can be written in…

A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: 7.2 Draw a circular flow diagram showing the flow of factors of production and goods and services…

A: In this chart household, business firm and government are included and external sector is excluded…

Q: Joe's House of Birds produces bird houses. Evaluate each of the following statements to determine…

Q: unds of carrots. You spent $1.50 per pound on fertilizer and used 2 pounds of fertilizer. Planting…

A: Given: Production of carrots=436 pounds Cost of fertiliser= $1.50 per pound Quantity of fertiliser=2…

Q: ou are a professor of economics at a university. You've been offered the position of serving as…

A: Net benefit (NB) means the benefits get from depending less for a commodity than the highest value…

Q: Explain the difference between real and personal property. Choose the correct choice below. A.…

A: Real property refers to land and anything permanently attached to it, such as buildings or…

Q: RYE (Bushels) 180 160 140 120 100 80 60 40 20 0 0 100 200 300 400 500 600 700 800 900 1000 CORN…

A: A country or an individual is said to have a comparative advantage in a good if it can produce the…

Question

4
с
Ofrom Box B to Box D.
O from Box C to Box B.
O from Box D to Box B
O from Box B to Box C
D
B
Apple produces the iphone and sells their goods at the
market. If Apple's revenue is represented by a flow of dollars
from Box C to Box A of this circular-flow diagram, then the
flow of land (site) that the household provides are represented
by a flow

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce the concept of circular flow of income.

VIEW

Step 2: Determine how the flow of land(site) that the household provides are represented by.

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

You produce shoes (Q) with labor (L) and capital (K). The production process is as so: Q = 400L - 20L2 + 600K – 10K2 The cost of labor is $20 and the cost of capital is $30. You have a budget of $550. How many units of capital(K) should you rent/buy? Enter as a value.
John owns a computer repair shop and he owns the building where his shop is located. If he closed his business he could rent the building for $2,222 per month. Before he had the shop, he worked for a company and earned $4,067 per month. His utility bills are $511 per month and his labor costs are $1,165 per month. What is John's opportunity cost of running the business? Enter a whole number. ASUS f6 5
QUESTION ONE 1.1 The purpose of consumption of goods by an individual is to derive satisfaction from the consumption of these goods. Consumer goods can be classified into three main categories. Discuss these categories of goods. 1.2 Explain the meaning of a complete outward shift of the production possibility frontier. Use a diagram to substantiate your answer.
Potatoes cost Janice .50 per pound, and she has $5 that she can spend on potatoes or other items. Suppose she feels that the first pound of potatoes is worth $1.50, the second pound is worth $1.14, the third is worth $1.05, and all subsequent pounds are worth .30 per pound. How many pounds of potatoes will she purchase? How many pounds would she purchase if she only had $2 to spend?
Please use vocab to fill in #1-#4, and #5 and #7
Graph A Graph B Graph C Graph D Which of the above 4 graphs best represents the change in the PPF if a tornado destroys part of the country?
The table provides information about the production function for Lindsay's Farm, which uses labor and land to produce its produce. The price of labor is $50 per worker per week and the price of land is $20 per acre. Quantity of Land (acres) 10 10 10 Quantity of Labor (workers) 0 1 2 3 5 Quantity of Produce (bushels) 0 50 100 Table 55-4: Lindsay's Farm. 170 190 When Lindsay increases output from 50 units of produce to 100 units of produce, her marginal cost per unit is equal to:
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.
(a) Suppose that the 149 million square kilometers of land on the surface of the population of 7 billion people in late 2011 or early 2012. population of 7 billion people in late 2011 or early 2012. 4. According to the United Nations Population Fund (UNFPA), the world reached a (a) Suppose that the 149 million square kilometers of land on the surface of the earth was divided equally among this population, so that each person was allotted a square parcel of land How long would the sides of each square parcel be? (b) According to the United Nations Food and Agriculture Organization (FAO), only about 32% of the surface of the earth is considered arable and suitable for farming. If only the arable land was divided into equal square parcels among the population, how long would the sides of each square parcel be? (c) Express your answers to parts (a) and (b) in terms of some concrete unit of length. For instance, you might compare them to the height of the Empire State Building, the span of…
Suppose Nicholas owns a business making Christmas tree ornaments. Currently, he makes 300 ornaments a month. At this level of production, each additional ornament takes him 30 minutes to make and costs him $5 in materials. Nicholas makes his ornaments in a small studio that he rents for $300 a month. Nicholas can easily increase or decrease the amount of time he spends making ornaments, and he can easily go to the store to buy additional materials to make the ornaments, but he has a year-long lease on his studio, so he has to pay his monthly rent no matter how many ornaments he produces each month. Nicholas values his time at $10 per hour. Other than his time, the cost of the materials and the rent on his studio, Nicholas has no additional production costs. a At Nicholas's current level of production, what is the marginal cost of making an additional ornament each month? b. At Nicholas's current level of production, what is the monthly average fixed cost of each ornament? c. Assuming…
Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Event Households purchase Suppose Maria earns $525 per week working as a programmer for PC Pros. She uses $10 to get her car washed at Spotless Car Wash. Spotless Car Wash pays Kevin $300 per week to wash cars. Kevin uses $175 to purchase software from PC Pros. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Kevin spends $175 to purchase software from PC Pros. Maria earns $525 per week working for PC Pros. Kevin earns $300 per week working for Spotless Car Wash. Factor Market in factor markets. Product Market O
Typed answer.