In the markets for factors of production, the government provides firms with inputs for the production process households provide firms with labor, land, and capital households provide firms with savings for investment
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- Profits are not used for O Capitalist incomes O Interest payments to banks Purchase of new capital goods O Workers' consumptionMNLOGS harvested logs (with no inputs from othher companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $3,000 to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $80 each. Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Cost of purchased inputs Company Revenues Value added $ MNLOGS $ $ $ MNLumber $ $ MNFurniture b. Suppose that all of these transactions took place in 2014. By how much did GDP increase because of these transactions? $ c. Suppose that MNLogs harvested the logs in October 2014 and sold them to MNLumber in December 2014. MNLumber then sold the finished lumber to MNFurniture in April 2015 and MNFurniture sold all 100 tables during the rest of 2015. By how much did GDP increase in 2014 and 2015 because of these transactions? GDP…Explain the term resource in economics
- An economy can produce leather using labor and capital and wheat using labor and land. The total supply of labor is 50 units. Given the supply of capital, the outputs of the two goods depend on labor input as follows: Labor Input to Leatheroutput of LeatherLabor Input of WheatOutput of Wheat 27 5 19.8 10 38.5 10 31.2 15 47.3 15 42.3 20 56 20 52.1 25 65.7 25 60.6 30 74.5 30 69 35 82.4 35 77.4 40 88.2 40 85.4 45 94.1 45 93.9 50 100 50 100 a. Graph the production functions for leather and wheat. b. Graph the production possibility frontier. What will happen if more labor is employed?E A G K C D B 1 HWhat are some factors of production which are important for any firm to produce goods. These factors have their own identities and respective earnings which the firm keeps in consideration while proceeding for the production process.
- Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.traai, hatrar resources, 3. The circular flow model The following diagram presents a circular flow model of a simple economy. The inner set of arrows (shown in green) shows the flow of dollars, and the outer set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Product markets Revenue- Products Firms Households - Income preneurial ability Resources Resource markets purchase in the resource markets. Based on this model, households earn income when Suppose Ginny earns $875 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 Eric $300 per week to wash cars. Eric uses $350 to purchase software from PC Pros. Goods and services Expenditure , capit entrenHi can you please help with following questions I am not sure how to solve them please assist with question A You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued.You can either use your time to grow food to consume immediately, or to build new tools andbuildings (capital) which will increase your supply of food in future years. a) Sketch your initial production function (total output of food + capital in terms of yourlabour input), and show how to turn this into a feasible set. Show your optimal choiceof how you spend your time, assuming you initially consume everything you produce.
- What is supply? Decision making behavior of sellers and shows the quantity that sellers are willing and able to sell at different prices. All of the above production possibility curve Decision making behavior of consumers and shows the quantity that consumers are willing and able to buy at different prices.Which of the following is considered a factor of production? A) Money B) Labor C) Stocks and bonds D) Consumer goods Don't useMNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,000 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $2,500to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $60 each.Instructions: Enter your responses as whole numbers.a. Complete the table below to calculate the value added by each firm. Company Revenues Cost of purchased inputs Value added MNLogs $ $ $ MNLumber $ $ $ MNFurniture $ $ $ b.Suppose that all of these transactions took place in 2016. By how much did GDP increase because of these transactions?$ c.Suppose that MNLogs harvested the logs in October 2016 and sold them to MNLumber in December 2016. MNLumber then sold the finished lumber to MNFurniture in April 2017 and MNFurniture sold all 100 tables during the rest of 2017. By how much did GDP increase in 2016 and 2017 because of…
