Two sector economic model involves the following activities except O Households will get rents, wages, interests or profits in the factor market O Firms will produce goods and services to be sold in the product market O Households will pay consumption expenditure on goods and services Government will collect taxes from Households and Firms

Two sector economic model involves the following activities except O Households will get rents, wages, interests or profits in the factor market O Firms will produce goods and services to be sold in the product market O Households will pay consumption expenditure on goods and services Government will collect taxes from Households and Firms

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.1P

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An endogenous variable is a variable explained by an economic model. An exogenous variable is a variable that is taken as given and is not explained by an economic model. True O False
Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum.Production in this economy is subjected to the law of diminishing marginal returns and resourcesare assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers andvice versa is 1. On the basis of the foregoing assumptions, answer the following questions: i. Draw the economy’s production possibility frontier on hindsight of the relevantassumption.
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Figure 7.1 C b 100 In Figure 7.1: distance a is induced consumption. distance b is autonomous consumption. autonomous consumption is 100. O induced consumption is 100.
In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.
You are an economic advisor to the government. Discuss your opinion . a) How COVID-19 pandemic will affect the consumption behavior as well as the investment done by the firms and household for the next two years? b) What are the actions or policies that the government can implement to face this situation? please answers with analysis and --graph (if possible)
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Hi could you please answer these questions thank you !
Complete the table directly below by calculating MP and AP. Inputs ofL TP MP AP 0 01 152 343 514 655 746 807 838 82 Plot the TP, MP and AP and explain in detail the relationship between eachpair of curves. Explain why PM first rises, then declines, and ultimatelybecomes negative.
Assume an economy producing only two goods (shoes and computers) with a fixed amount of productive resources and technology and employing all its productive resources to the maximum.Production in this economy is subjected to the law of diminishing marginal returns and resourcesare assumed to be fully optimized. In addition, the cost of sacrificing shoes for computers andvice versa is 1. On the basis of the foregoing assumptions, answer the following questions: Identify three ways by which the economy can attain the level of production outside the PPF.
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly