EBK PRINCIPLES OF ECONOMICS
7th Edition
ISBN: 8220102958395
Author: Mankiw
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Question
Chapter 23, Problem 11PA
Sub part (a):
To determine
GDP
Sub part (b):
To determine
NNP.
Sub part (c):
To determine
National Income.
Sub part(d):
To determine
Personal Income.
Sub part (e):
To determine
Personal Disposable Income.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Calculate the value of APC when Consumption is given to be $230 and the income is $500
Calculate the value of income, If consumption is $4000 and APC is 0.13
Barbara Jones left a $25,000 job as an architect to run a catering business. She invested $100,000 of her own money to purchase a building for the business. The interest rate that Barbara typically earns on her investments is 10 percent, while real estate is not appreciating in Barbara’s neighborhood. Barbara spends $150,000 per year on salaries, supplies, ect.. During the first year, her business had $200,000 in revenues. Barbara’s accounting cost during the first year is __________________, her economic cost is _____________, she earned _______________in accounting profit, and __________________in economic profit.
a) $160,000; $125,000; $40,000; -$85,000 b) $150,000; $185,000; $50,000; $15,000
c) $150,000; $125,000; 50,000; $75,000 d) $175,000; $125,000; $25,000; $75,000
Chapter 23 Solutions
EBK PRINCIPLES OF ECONOMICS
Ch. 23.1 - Prob. 1QQCh. 23.2 - Prob. 2QQCh. 23.3 - Prob. 3QQCh. 23.4 - Prob. 4QQCh. 23.5 - Prob. 5QQCh. 23 - Prob. 1QRCh. 23 - Prob. 2QRCh. 23 - Prob. 3QRCh. 23 - Prob. 4QRCh. 23 - Prob. 5QR
Ch. 23 - Prob. 6QRCh. 23 - Prob. 7QRCh. 23 - Prob. 8QRCh. 23 - Prob. 1QCMCCh. 23 - Prob. 2QCMCCh. 23 - Prob. 3QCMCCh. 23 - Prob. 4QCMCCh. 23 - Prob. 5QCMCCh. 23 - Prob. 6QCMCCh. 23 - Prob. 1PACh. 23 - Prob. 2PACh. 23 - Prob. 3PACh. 23 - Prob. 4PACh. 23 - Prob. 5PACh. 23 - Prob. 6PACh. 23 - Prob. 8PACh. 23 - Prob. 9PACh. 23 - Prob. 10PACh. 23 - Prob. 11PA
Knowledge Booster
Similar questions
- Suppose a grocery store's sales are 200,000 TL in one year. During this same time period, the firm paid 50,000 TL for grocery stock sold, 70,000 TL for wages and salaries, 20,000 TL on taxes and insurance, and 10,000 TL on other expenses. At the beginning of this period, the grocery store owner had received the following two offers:He could rent the store to another grocer and work for a large chain in which case he wouldmake a return of 35 ,OOO TL during that year (including his salary).Offer II: He could have sold the store and invested in a stock which together would have yielded a returnof 35,000 TL during that year, and gotten a job paying 15,000 TL. He declined both offers. a.What is the difference between explicit and implicit costs to a firm? What is the implicit cost of the businessin question?b.Calculate his economic profits for the year.c.Was his decision to keep the grocery store economically rational? Explain why or why not. By referring tothe relevant concepts.arrow_forwardWhy does the general public often refer to the cost-of-living index?arrow_forwardcompute the marginal product of capital (MPK) and the marginal product of capital (MPL) of b. Q=K2/ 5L3 /5arrow_forward
- whats the difference between marginal physical product (MPP) and the marginal rate of subsitution (MRS)?arrow_forwardcompute the marginal product of capital (MPK) and the marginal product of capital (MPL) of a. Q=3 K0.4+4 L0.3arrow_forwardWhat would be the value of income if consumption is $600 and APC is 0.77arrow_forward
- Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. O The $225 Raphael spends to purchase tax services from A-Plus Accountants Susan's labor The $250 per week Raphael earns working for Dinah's Diner The breakfast Susan receivesarrow_forwardGerry works 40 hours a week managing Gerry's Market, without drawing a salary. He could earn $600 a week doing the same work for Jean. Gerry's Market owes its bank $100,000, and Gerry has invested $100,000 of his own money. If Gerry's accounting profits are $1,000 per week while the interest on his bank debt is $200 per week, his economic profits are: $400 per week. $800 per week. $200 per week. $1200 per week. $0 per week.arrow_forwardIn our paper airplane company, some inputs were fixed and some were variable. Match the input to whether it was VARIABLE or FIXED. Paper- Stapler- Staples- Employees- Production space-arrow_forward
- The household has an income of $10000 and it's consumption is also $10,000 Calculate APCarrow_forwardwhat is net and gross demandsarrow_forwardYou run a factory that uses pottery wheels to make pots. You can hire anywhere between 1 and 3 skilled artisans (workers), and you can rent 1 or 2 pottery wheels (machines). Pots sell for $125 each. The total product of your factory is shown in the following table. Number of Machines (Capital, K) 1 Pottery wheels are 2 1 8 10 Number of Workers (Labor, L) 2 11 14 3 13 17 Suppose you rent one machine and hire one worker. You would be willing to pay $ to hire a 2nd worker. (Consider the value of the marginal product of labor.) Suppose you rent one machine and hire one worker. You would be willing to pay a rental rate of up to $ Suppose the wage is $350. If you have one pottery wheel, the number of workers you would want to hire is to acquire a 2nd machine. (Consider the value of the marginal product of capital.)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning