ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 13, Problem 10P
To determine
The ways in which an economy is affected by the actions of entrepreneurs.
Concept Introduction:
Entrepreneur creates businesses and new businesses create jobs, strengthen market competition and increase productivity. These are some brief advantages of entrepreneurship.
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(describe) 3 ways in build an economy based on the principles of sustainability,
Table 1 shows the production of corn by Syarikat Usaha. Answer the following
questions based on the table.
Land
(piece)
1
1
2.
1
1
1
1
1
1
Tractor
(units)
2
NN
2
2
2
2
2
2
Table 1. Production of corn
Total
product
(tons)
8
Worker
(peoples)
1
2345678
24
54
82
95
100
100
96
Average
Product
(tons)
Marginal
Product
(tons)
Categorized the factors of production used by Syarikat Usaha into fixed and
variable inputs. Provide another example of variable input.
Subject: ( Enterprenurship )
Define SMEs.
Also write down Financial and marketing problems of SMEs.
Chapter 13 Solutions
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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- QUESTION 1 Productivity refers to the quantity of goods and services that a worker can produce for each hour of work. True Falsearrow_forward8) Firms A-E are involved in the production of some good. What is the total value added by all the firms in the production of this good? What did each firm add separately in value and what does it total? Stage of production Firm A Firm B Firm C Firm D Firm E Sales value of product $1,600 2,500 3,700 5,200 7,600arrow_forwardInterest rate (%) MS3 Ms₁ MS2 Interest rate 100 200 300 Dm Amount of money demanded and supplied ($) (A) 70 120 170 Investment ($) (B) Investment demand Price Level P2 P₁ AS AD3 AD₂ AD₁ GDP GDP2 GDP3 Real Domestic Output (C) (a) Look at graph A and suppose the supply of money increases from 100 to 200. What will be the equilibrium rate of interest? Number (b) Look at graph B which shows an investment-demand curve for this economy. Given the answer to part (a) above, how much will investors plan to spend on capital goods? Number (c) What will happen to aggregate demand? List (d) Trace what will happen in parts (a)-(c) if the money supply increases to $300: The equilibrium rate of interest is Number %. Investment is Number Aggregate demand will Click for Listarrow_forward
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- 4. (a) What is the business cycle? (b) Draw a hypothetical graph of a business cycle labelling the four phases of the cycle. (c) Explain what is happening during each phase of the cycle with: i. Output ii. Employment iii. Inflationarrow_forwardQUESTION 18 Use the information provided in Table 7.2 below to answer the question(s) that follow. Table 7.2 Inputs Required to Produce a Product Using Alternative Technologies Technology Units of Capital Number of Employees 16 8 12 8 6 ABCD 6222 12 20 24 Refer to Table 7.2. Which technology is the most labor intensive? Aarrow_forwardPRe TEST: Situation Analysis ( Essay) 1. If you were to start a business, would you have to search for an idea, or do you already have an idea to try? Explain. 2. Why would small business ownership have great appeal to immigrants, women, and minorities? 3. How would you go about deciding whether you wanted to start a business from scratch, buy an existing business, or buy a franchise? 4. Many entrepreneurs say they did a little planning, perhaps scratching notes on a legal pad. How is it possible for them to succeed? 5. Do you think entreprenurs who launched a new business after deciding to leave a job on their own versus those who have been forced to leave a job as a result of downsizing are likely to have different traits? Which group is more likely to succeed?arrow_forward
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