the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

Question

The production function of a firm is described by the following equation Q=10,000L-3L2 where Lstands for the units of labour.a) Draw a graph for this equation. Use the quantity produced in the y-axis, and the units of labour inthe x-axis. b) What is the maximum production level? c) How many units of labour are needed at that point?

Answer 1

Question

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

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The production function of a firm is described by the following equation Q=10,000L-3L2 where Lstands for the units of labour.a) Draw a graph for this equation. Use the quantity produced in the y-axis, and the units of labour inthe x-axis. b) What is the maximum production level? c) How many units of labour are needed at that point?

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Answer 2

Question

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

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Answer 3

Question

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

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Answer 4

Question

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

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Answer 5

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

Answer 6

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

Answer 7

Chapter 2, Problem 4NP

(a)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

Answer 8

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

Answer 9

(b)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

Answer 10

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

Answer 11

(c)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

Answer 12

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

Answer 13

(d)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

Answer 14

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

Answer 15

(e)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

Answer 16

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

Answer 17

(f)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

Answer 18

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

Answer 19

(g)

To determine

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

Answer 20

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Answer 21

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Answer 22

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Answer 25

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Answer 31

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

the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves buying of gasoline.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in purchasing a historical mansion at a brokerage fee of 6%.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a homemaker becoming part of the workforce.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves a Japanese firm constructing an auto plant in the U.S.A

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction which involves in a lottery winning.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where an individual appears on television in publicizing a state lottery.

To find: the contribution made to GDP of current year in terms of production, expenditure and income with respect to the transaction where a vehicle fleet is being replaced with the old ones sold.

Chapter 2 Solutions