Econ Micro (book Only)
Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 3, Problem 3P
To determine

The factors that influence household to decide whether to choose household production or buying it from market place.

Introduction:

Household Production- The goods produced by the members of the family for their own consumption using their own capital and labor (unpaid) is known as household production.

Opportunity Costs: It is the cost in terms of forgone benefit that a person could have received by choosing an alternative course of action.

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PS2(1) Is it rational to buy more of something if the price goes up? Why or Why Not?
Price Quantity (Dollars per shirt) (Shirts) Produce or Shut Down? Profit or Loss? 10 Shut down Loss 20 10,000 Produce Profit 32 35,000 Produce Profit 40 37,500 Produce Profit 50 40,000 Either shut down or produce Break even 60 42,500 Produce Profit
Year 2018 Year 2019 Year 2017 [Tahun 2017] Price Product [Tahun 2018] Quantity [Kuantiti] [Tahum 20191 Quantity [Kuantiti] [Produk] Price Price Quantity [Kuantiti] (RM) [Harga (RM)] (RM) [Harga (RM)] 1 (RM) [Harga (RM)] 1.25 A 180 200 200 90 75 90 100 100 120 0.6 675 0.5 600 0.5 630 Compute the values of nominal GDP in 2017, 2018 and 2019. [Kirakan nilai-nilai KDNK nominal pada 2017, 2018 dan 2019] (i)
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