The difficulties that an economics professor might feel while purchasing a new car under a barter system.

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Answer 1

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Chapter 17, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

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Exercise 6 Imagine that you head production of a multinational food processing company. The ongoing uncer- tainty about costs means that you are unsure of the future cost of one of your inputs, x2. Your firm's production function is y = f(x1, x2) = x²x²² The output price p is 1000, x1 = 27, and wx₁ = 60. 1. Suppose the current input price is Wx2 = 50. Solve for the optimal choice of x2. 2. Now suppose that the probability the input price remains 50 is 0.65 and the probability that Wx2 60 is 0.35. Solve for the optimal choice of x2. Round down to the nearest integer. = 3. Finally, suppose the costs do actually rise, i.e., Wx2 = 60. Calculate the difference in profit from the uncertainty in (2) vs. the certainty in (1).

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Answer 2

Question

Chapter 17, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

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Answer 3

Question

Chapter 17, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

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

Answer 4

Question

Chapter 17, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

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Answer 5

Chapter 17, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Answer 6

Chapter 17, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Answer 7

Chapter 17, Problem 1P

To determine

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Answer 8

Expert Solution & Answer

Explanation of Solution

There is a huge deficiency in the barter trade system. It creates hindrance in a proper or justified trade between the participants of the transaction. Lack of common medium of exchange like money, is one of the prominent hindrances in the barter system of trade. Apart from that, the unavailability of knowledge of the trade regarding different products or services to traders also creates non-accurate pricing decisions.

Lack of common unit to standardize product or service and justifiable standard unit to measure them under different scenario is also the reason behind the lack of popularity of the barter trade system.

To buy a car in a barter system, an economics professor may need such a trading partner who is willing to have economics lectures or economic advices in exchange of a car. This type of search can be very difficult and a lot of time of the professor can be wasted. Wastage of costs can also be an issue in locating this kind of partner. Thus, an economics professor can feel difficulties while purchasing a new car in a barter system.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Barter System:

In trade, a barter system refers to the exchange of good and services without the use of common currency. The party directly exchanges goods and services with other goods and services.The coincidence of need is necessary in this situation.

Answer 12

Ch. 17 - Prob. 1P Ch. 17 - Prob. 2P Ch. 17 - Prob. 3P Ch. 17 - Prob. 4P Ch. 17 - Prob. 5P Ch. 17 - Prob. 6P Ch. 17 - Prob. 7P Ch. 17 - Prob. 8P Ch. 17 - Prob. 9P Ch. 17 - Prob. 10P

The difficulties that an economics professor might feel while purchasing a new car under a barter system.

To explain: The difficulties that an economics professor might feel while purchasing a new car under a barter system.

Explanation of Solution

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Chapter 17 Solutions

To explain:

The difficulties that an economics professor might feel while purchasing a new car under a barter system.