Let's put dollar amounts on the flows in the circular flow diagram below.RESOURCEMARKETCostsResourcesBUSINESSESbuy resources-sell productsandRevenueHouseholds sell-Businesses buyPRODUCTMARKET-Businesses sell-Households buybilliononey Income (wages rentsLabor, and capitalDeurial abayInterest, profitaentrepreHONSEHOLDS-Presources.buy productsGoods andds and servicesConsumptionInstructions: Enter your answers as a whole number.Suppose that businesses buy a total of $190 billion of the four resources (labor, land, capital, and entrepreneurial ability) fromhouseholds. If households receive $96 billion in wages, $28 billion in rent, and $38 billion in interest, how much are householdspaid for providing entrepreneurial ability?billionb. If households spend $100 billion on goods and $90 billion on services, how much in revenues do businesses receive in theproduct market?

Let's put dollar amounts on the flows in the circular flow diagram below. Costs Resources BUSINESSES .buy resources sell products Goom and service Revenue RESOURCE MARKET Households sell -Businesses buy PRODUCT MARKET Businesses soll -Households buy Money neurial Labor, and, capital Interest prof come images ents entrepre Goods and HONSEHOLDS resources .buy products Service Consumption Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of $190 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $96 billion in wages, $28 billion in rent, and $38 billion in interest, how much are households paid for providing entrepreneurial ability? billion b. If households spend $100 billion on goods and $90 billion on services, how much in revenues do businesses receive in the product market? billion

Let's put dollar amounts on the flows in the circular flow diagram below. Costs Resources BUSINESSES .buy resources sell products Goom and service Revenue RESOURCE MARKET Households sell -Businesses buy PRODUCT MARKET Businesses soll -Households buy Money neurial Labor, and, capital Interest prof come images ents entrepre Goods and HONSEHOLDS resources .buy products Service Consumption Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of $190 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $96 billion in wages, $28 billion in rent, and $38 billion in interest, how much are households paid for providing entrepreneurial ability? billion b. If households spend $100 billion on goods and $90 billion on services, how much in revenues do businesses receive in the product market? billion

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 1SCQ: Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers...

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Econ 444-02 (Corporate Economics), Fall 2015Problem Set #2Due in class Thursday, September 24Problem 1. Alice and Barbra sell used CDs at music festivals. Each is decidingwhether or not to set up their booth at the last festival of the summer. The festivalis scheduled to take place in Alton, very near where Alice lives. It will cost her only$30 to travel the festival. Barbra is farther away, and it will cost her $100 to travelto Alton. Both Alice and Barbra would prefer to be only CD sellers at the festival,since they would avoid competition. If only one seller is at the festival, she will make$150 during the day (not counting travel costs). If both Barbra and Alice sell CDsat the festival, they will lower their prices and each make $50 during the day. BothAlice and Barbra receive $0 for not attending the festival.1. Draw the Normal Form of the game Alice and Bob are playing, be sure to labelthe game completely.2. Does either player have a dominant strategy? If so, what is it?3. List…