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

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 25, 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.

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 25, 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.

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 25, 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.

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 25, 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.

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 25, 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 25, 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 25, 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. 25 - Prob. 1P Ch. 25 - Prob. 2P Ch. 25 - Prob. 3P Ch. 25 - Prob. 4P Ch. 25 - Prob. 5P Ch. 25 - Prob. 6P Ch. 25 - Prob. 7P Ch. 25 - Prob. 8P Ch. 25 - Prob. 9P Ch. 25 - 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

Want to see more full solutions like this?

Chapter 25 Solutions

To explain:

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