Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Identify a new automobile is a final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

(c)

To determine

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Identify crude oil is a final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

16:10 ← BEC 3701 - Assignments-... KWAME NKRUMAH UNIVERSITY TEACHING FOR EXCELLENCE SCHOOL OF BUSINESS STUDIES DEPARTMENT OF ECONOMICS AND FINANCE ADVANCED MICRO-ECONOMICS (BEC 3701) Assignments INSTRUCTIONS: Check instructions below: LTE 1) Let u(q1,q2) = ln q₁ + q2 be the (direct) utility function, where q₁ and q2the two goods. Denote P₁ and P2 as the prices of those two goods and let M be per period money income. Derive each of the following: a) the ordinary or Marshallian demand functions q₁ = d₂ (P₁, P₂, M) for i = 1,2 [3 Marks] b) the compensated or Hicksian demand functions q₁ = h₂ (P₁, P2, M) for i = 1,2 [3 Marks] c) the Indirect Utility Function uº = v(P₁, P2, M) [3 Marks] d) the Expenditure Function E(P1, P2, U°) [3 Marks] e) Draw a diagram of the solution. There should be two graphs, one above the other; the first containing the indifference curves and budget constraint that characterize the solution to the consumer's choice problem; the second characterizing the demand…

How would you answer the question in the News Wire “Future Living Standards”? Why?

al Problems (v) T (ix) F 1. Out of total number of 2807 women, who were interviewed for employment in a textile factory, 912 were from textile areas and the rest from non-textile areas. Amongst the married women, who belonged to textile areas, 347 were having some work experience and 173 did not have work experience, while for non-textile areas the corresponding figures were 199 and 670 respectively. The total number of women having no experience was 1841 of whom 311 resided in textile areas. Of the total number of women, 1418 were unmarried and of these the number of women having experience in the textile and non-textile areas was 254 and 166 respectively. Tabulate the above information. [CA. (Foundation), May 2000 Exactly (14) of the total employees of a sugar mill were these were married and one-half

Answer 2

Question

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Identify a new automobile is a final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

(c)

To determine

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Identify crude oil is a final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Identify a new automobile is a final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

(c)

To determine

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Identify crude oil is a final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Identify a new automobile is a final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

(c)

To determine

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Identify crude oil is a final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Identify a new automobile is a final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

(c)

To determine

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Identify crude oil is a final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Answer 6

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 7

Chapter 15, Problem 1SQP

(a)

To determine

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

Answer 8

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 13

(b)

To determine

Identify a new automobile is a final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Answer 14

(b)

To determine

Identify a new automobile is a final goods and services or intermediate goods and services.

Answer 15

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

(c)

To determine

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 20

(c)

To determine

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

Answer 21

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Answer 22

(c)

Expert Solution

Answer 23

(c)

Expert Solution

Answer 24

Expert Solution

Answer 25

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 26

(d)

To determine

Identify crude oil is a final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Answer 27

(d)

To determine

Identify crude oil is a final goods and services or intermediate goods and services.

Answer 28

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Answer 29

(d)

Expert Solution

Answer 30

(d)

Expert Solution

Answer 31

Expert Solution

Answer 32

Ch. 15.6 - Prob. 1YTE Ch. 15 - Prob. 1SQP Ch. 15 - Prob. 2SQP Ch. 15 - Prob. 3SQP Ch. 15 - Prob. 4SQP Ch. 15 - Prob. 5SQP Ch. 15 - Prob. 6SQP Ch. 15 - Prob. 7SQP Ch. 15 - Prob. 8SQP Ch. 15 - Prob. 9SQP

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

Identify the hair cut purchased from the hair salon is a final goods and services or intermediate goods and services.

Explanation of Solution

Identify a new automobile is a final goods and services or intermediate goods and services.

Explanation of Solution

Identify an oil filter purchased in a new automobile is a final goods and services or intermediate goods and services.

Explanation of Solution

Identify crude oil is a final goods and services or intermediate goods and services.

Explanation of Solution

Want to see more full solutions like this?

Chapter 15 Solutions