On the circular flow graph below, identify what is the flow of each blank. Resources (land, labor, capital) Income for resources Goods and Services Payments for goods and services ● ● ● . 2 8 5 3 Factor Market Product Market 1 Store
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- 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.Specify and explain the typical shapes of marginal-benefit 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 benefit, should more or fewer resources be allocated to this product? Explain.Explain the term resource in economics
- 9, what is primarily concerned with markets for goods, services and resources12 Investment Figure 14.4 383.Figure 14.4 shows three possible shifts in the production possibilities frontier of a country. Which allocation would be the most likely explanation for shift number 3? (A) R (B) W (C) x (D) Y (E) Shift number 3 is not possible. LHH actment ConsumptionTable: Bongos and Frisbees Mkkey Frisbees Bll Bongos Frisbees Bongos 1 10 4 14 6. 12 3. 10 Reference: Ref 2-21 Table: Bongos and Frisbees (Table: Bongos and Frisbees) Use Table: Bongos and Frisbees. Bill and Mickey make bongos and Frisbees. Who should specialize in the production of bongos?
- Markets for Goods and Services Households Firms Markets for Factors of Production in markets for factors of production. purchase Based on this model, households earn income when Suppose Alyssa earns $625 per week working as a flight attendant for Flyaway Airlines. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Tim $375 per week to work the cash register. Tim uses $225 to purchase air travel to Hawaii from Flyaway Airlines. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Factors of Market for Goods and Production Services Event Alyssa spends $10 to buy a box of aspirin. Tim spends $225 to purchase air travel to Hawaii from Flyaway Airlines. Tim earns $375 per week working for Pillmart Pharmacy.As an economist it is important to know that resources are scarce. Explain what u understand that resources arenscarce in economic terms(Figure: Recliners and Couches) American Signature is a furniture company based in Columbus, Ohio. The graph represents American Signature's production possibility frontier for manufacturing couches and recliners. If American Signature manufactures 100,000 couches and 400,000 recliners, the company's use of resources would be , and the company could production. Ⓒa. inefficient; decrease Ob. efficient, increase O c. efficient; decrease Od. inefficient; increase
- 5 8 Market for Factors of Production 7 6 Bank of America pays rent for its office rentals. O Dale pays for his movie ticket. O Peter buys gourmet jam. O Turner Construction rents trucks for its business. 2 3 Market for Goods & Services Which of the descriptions below best matches the flow described by #5? Hint: To see the origin of the flow, pay attention to the subject of the sentence, are we talking about a firm or a household? To see the kind of flow, first, think whether it is a monetary flow or a real flow and, if it's a real flow, think whether we are talking about goods & services or about factors of production -- this will help you identify the market involved. Target earns big revenue on Black Friday. O Spencer receives wages for tutoring. O Laura offers her labor delivering sandwiches for Jimmy John's. O Safeway sells groceries. 4 3/1 1 SecondsUse relevant diagram(s) and indicate production and consumption efficiency. State the conditions for production and consumption efficiency.ert 12 I U ab x, x² Po ords dy Draw Design Layout DA Aa A A W Econ week 4 No Label Saving... V Font 3 v E B 1 2 Units of Variable Input 3 5 8 References Mailings Review E-6-5- == 無 無 無 E AF $ 4 B-21 ¶ Paragraph 1 . ▬ 2 R 2.5 Lx Text Predictions: On Accessibility: Investigate Price/Unit Total Cost of Input 3 4.5 6 Search 2 % I a. Calculate the total input cost and the marginal input cost. 5 T O Search View Help F5 Normal A 6 b. If the marginal value or marginal revenue products were 4, what would be the profit- maximizing level of input? 3 Marginal Input Cost - Y No Spacing Heading & 887 Styles * 7 F7 *00 99+ 4 5 6 V 8 8 1 << ( F 9 F 1 Editing V W Dictate O Voice K 2 Focus d Wine, Melany Commen Sensitivity Sensitivity @
