A product that is the output of one organization and input of another.

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Answer 1

Question

Chapter 2, Problem 1E

To determine

A product that is the output of one organization and input of another.

Expert Solution & Answer

Explanation of Solution

The economy has many firms in it, which means that there will be different organizations that produce different types of goods and services that are necessary in the economy. The different sections of the society will have demand for a variety of goods, which is the reason behind the large number of producers and products in the economy. Not all the firms produce the final goods and services that can be consumed directly by the consumer. Some would be the raw materials and some would be the intermediate goods.

There are goods that are actually the output of an organization but still they will be treated as the input of other organization. This includes the organization that produces the spark plugs and electric components. The spark plugs and the electric components are the final output of the firm, whereas the automobile industry, the electronic appliances industry, and so on, makes use of the spark plugs and the electric components for producing their output.

Economics Concept Introduction

Market: The market is the place where the buyers and the sellers interact with each other and the exchange of goods and services takes place between the buyers and the sellers at a mutually agreed price level between them.

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If GDP goes up by 1% and the investment component of GDPgoes up by more than 1%, how is the investment share ofGDP changing in absolute terms?▶ In economics, what else is expressed as relative percentagechanges?

CEO Salary and Firm SalesWe can estimate a constant elasticity model relating CEO salary to firm sales. The data set is the same one used in Example 2.3, except we now relate salary to sales. Let sales be annual firm sales, measured in millions of dollars. A constant elasticity model is[2.45]ßßlog (salary) = ß0 + ß0log (sales) + u,where ß1 is the elasticity of salary with respect to sales. This model falls under the simple regression model by defining the dependent variable to be y = log(salary) and the independent variable to be x = log1sales2. Estimating this equation by OLS gives[2.46]log (salary)^=4.822 + 0.257 (sales) n = 209, R2 = 0.211.The coefficient of log(sales) is the estimated elasticity of salary with respect to sales. It implies that a 1% increase in firm sales increases CEO salary by about 0.257%—the usual interpretation of an elasticity.

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Answer 2

Question

Chapter 2, Problem 1E

To determine

A product that is the output of one organization and input of another.

Expert Solution & Answer

Explanation of Solution

The economy has many firms in it, which means that there will be different organizations that produce different types of goods and services that are necessary in the economy. The different sections of the society will have demand for a variety of goods, which is the reason behind the large number of producers and products in the economy. Not all the firms produce the final goods and services that can be consumed directly by the consumer. Some would be the raw materials and some would be the intermediate goods.

There are goods that are actually the output of an organization but still they will be treated as the input of other organization. This includes the organization that produces the spark plugs and electric components. The spark plugs and the electric components are the final output of the firm, whereas the automobile industry, the electronic appliances industry, and so on, makes use of the spark plugs and the electric components for producing their output.

Economics Concept Introduction

Market: The market is the place where the buyers and the sellers interact with each other and the exchange of goods and services takes place between the buyers and the sellers at a mutually agreed price level between them.

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Answer 3

Question

Chapter 2, Problem 1E

To determine

A product that is the output of one organization and input of another.

Expert Solution & Answer

Explanation of Solution

The economy has many firms in it, which means that there will be different organizations that produce different types of goods and services that are necessary in the economy. The different sections of the society will have demand for a variety of goods, which is the reason behind the large number of producers and products in the economy. Not all the firms produce the final goods and services that can be consumed directly by the consumer. Some would be the raw materials and some would be the intermediate goods.

There are goods that are actually the output of an organization but still they will be treated as the input of other organization. This includes the organization that produces the spark plugs and electric components. The spark plugs and the electric components are the final output of the firm, whereas the automobile industry, the electronic appliances industry, and so on, makes use of the spark plugs and the electric components for producing their output.

Economics Concept Introduction

Market: The market is the place where the buyers and the sellers interact with each other and the exchange of goods and services takes place between the buyers and the sellers at a mutually agreed price level between them.

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Answer 4

Question

Chapter 2, Problem 1E

To determine

A product that is the output of one organization and input of another.

Expert Solution & Answer

Explanation of Solution

The economy has many firms in it, which means that there will be different organizations that produce different types of goods and services that are necessary in the economy. The different sections of the society will have demand for a variety of goods, which is the reason behind the large number of producers and products in the economy. Not all the firms produce the final goods and services that can be consumed directly by the consumer. Some would be the raw materials and some would be the intermediate goods.

There are goods that are actually the output of an organization but still they will be treated as the input of other organization. This includes the organization that produces the spark plugs and electric components. The spark plugs and the electric components are the final output of the firm, whereas the automobile industry, the electronic appliances industry, and so on, makes use of the spark plugs and the electric components for producing their output.

Economics Concept Introduction

Market: The market is the place where the buyers and the sellers interact with each other and the exchange of goods and services takes place between the buyers and the sellers at a mutually agreed price level between them.

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 2, Problem 1E

To determine

A product that is the output of one organization and input of another.

Expert Solution & Answer

Explanation of Solution

The economy has many firms in it, which means that there will be different organizations that produce different types of goods and services that are necessary in the economy. The different sections of the society will have demand for a variety of goods, which is the reason behind the large number of producers and products in the economy. Not all the firms produce the final goods and services that can be consumed directly by the consumer. Some would be the raw materials and some would be the intermediate goods.

There are goods that are actually the output of an organization but still they will be treated as the input of other organization. This includes the organization that produces the spark plugs and electric components. The spark plugs and the electric components are the final output of the firm, whereas the automobile industry, the electronic appliances industry, and so on, makes use of the spark plugs and the electric components for producing their output.

Economics Concept Introduction

Market: The market is the place where the buyers and the sellers interact with each other and the exchange of goods and services takes place between the buyers and the sellers at a mutually agreed price level between them.

Answer 6

Chapter 2, Problem 1E

To determine

A product that is the output of one organization and input of another.

Expert Solution & Answer

Explanation of Solution

The economy has many firms in it, which means that there will be different organizations that produce different types of goods and services that are necessary in the economy. The different sections of the society will have demand for a variety of goods, which is the reason behind the large number of producers and products in the economy. Not all the firms produce the final goods and services that can be consumed directly by the consumer. Some would be the raw materials and some would be the intermediate goods.

There are goods that are actually the output of an organization but still they will be treated as the input of other organization. This includes the organization that produces the spark plugs and electric components. The spark plugs and the electric components are the final output of the firm, whereas the automobile industry, the electronic appliances industry, and so on, makes use of the spark plugs and the electric components for producing their output.

Economics Concept Introduction

Market: The market is the place where the buyers and the sellers interact with each other and the exchange of goods and services takes place between the buyers and the sellers at a mutually agreed price level between them.

Answer 7

Chapter 2, Problem 1E

To determine

A product that is the output of one organization and input of another.

Answer 8

Expert Solution & Answer

Explanation of Solution

The economy has many firms in it, which means that there will be different organizations that produce different types of goods and services that are necessary in the economy. The different sections of the society will have demand for a variety of goods, which is the reason behind the large number of producers and products in the economy. Not all the firms produce the final goods and services that can be consumed directly by the consumer. Some would be the raw materials and some would be the intermediate goods.

There are goods that are actually the output of an organization but still they will be treated as the input of other organization. This includes the organization that produces the spark plugs and electric components. The spark plugs and the electric components are the final output of the firm, whereas the automobile industry, the electronic appliances industry, and so on, makes use of the spark plugs and the electric components for producing their output.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Market: The market is the place where the buyers and the sellers interact with each other and the exchange of goods and services takes place between the buyers and the sellers at a mutually agreed price level between them.

Answer 12

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

A product that is the output of one organization and input of another.

A product that is the output of one organization and input of another.

Explanation of Solution

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Chapter 2 Solutions