FIGURE 2-2 The Circular Flow Diagram Factors of production flow from households to businesses through the factor market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows. Households receive income from businesses (their costs) through the factor market, and businesses receive revenue from households (their expenditures) through the product market. Costs of production Factors of BUSINESSES Buy factors of production -Sell products Goods a and services Revenue FACTOR MARKET Households sell Firms buy PRODUCT MARKET Firms sell - Households buy Money Labour, land, preneurial Income wages, rents, Interest, profits) capital, entre. ability HOUSEHOLDS -Sell factors of prodtion Buy products Goods and services Consumption nditures expend a. Suppose that businesses buy a total of $100 billion of the four resources (labour, land, capital, and entrepreneurial ability) from households, If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest, how much are households paid for providing entrepreneurial ability? $ billion for entrepreneurial ability

FIGURE 2-2 The Circular Flow Diagram Factors of production flow from households to businesses through the factor market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows. Households receive income from businesses (their costs) through the factor market, and businesses receive revenue from households (their expenditures) through the product market. Costs of production Factors of BUSINESSES Buy factors of production -Sell products Goods a and services Revenue FACTOR MARKET Households sell Firms buy PRODUCT MARKET Firms sell - Households buy Money Labour, land, preneurial Income wages, rents, Interest, profits) capital, entre. ability HOUSEHOLDS -Sell factors of prodtion Buy products Goods and services Consumption nditures expend a. Suppose that businesses buy a total of $100 billion of the four resources (labour, land, capital, and entrepreneurial ability) from households, If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest, how much are households paid for providing entrepreneurial ability? $ billion for entrepreneurial ability

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
what are the numbers that go in the cost table A through L Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
An investor is considering the following two investments.•Investment 1 has an expected rate of return (profit) of 8% and costs $40 per share.•Investment 2 has an expected rate of return (profit) of 5% and costs $30 per share.The investor has $100 to invest to maximize her total expected rate of return, and shemust buy whole shares (not partial/factional shares) of the investments.(a) Formulate the investor’s integer programming problem.(b) Solve the investor’s problem using branch and bound and explain youranswer. How much of each investment does the investor purchase?
(J) Everyone living in Isolation, Alaska works at one of two fish canneries for their entire life. Over a career at Placid Cannery a worker is paid $1 million and the risk of death by canning machine is 1%. At Megadeath Cannery a worker is paid $1.2 million and the risk of death is 5%. What is the value of a statistical life in Isolation? Show your work.
A doctor's office staff studied the waiting times for patients who arrive at the office with a request for emergency service. The following data with waiting times in minutes were collected over a one- month period. a. Fill in the frequency values below. Waiting Time Frequency 49 11 16 4 2 3 18 11 7 9 8 12 24 7 8 7 13 19 5 4 0-4 5-9 8 4 10-14 15-19 3 20-24 1 Total 20 b. Fill in the relative frequency (2 decimals) values below. Waiting Time Relative Frequency 0.2 0-4 5-9 0.4 0.2 10-14 15-19 0.15 20-24 0.05 Total 1
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Revenue and Costs ($) TC P61 Given TFC = $40.00 Q1 = 30.00 Q2 = 40.00 TR P6 P5 Q3 = 50.00 Q4 = 80.00 Q5 = 86.00 P4. P1 = $40.00 P2 = $50.00 P3 = $60.0o P4 = $150.00 P5 = $200.00 P6 = $210.00 P61 = $320.00 P3 P2 P1 Q1 Q2 Q4 Q5 Q3 Exhibit TR-TC Output (Q) Refer to Exhibit TR-TC for a typical competitive firm. At an output level of Q5, the firm's losses is about O $100.00 O $90.00 O $110.00 O $120.00