Classify the goods and services as final goods and services or intermediate goods and services.

Question

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Answer 1

Question

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

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Tasks Exercise 1 Assess the following functions: 1. f(x)= x2+6x+2 2.f '(x)=10x-2x2+5 a. Find the stationary points. (5 marks) b. Determine whether the stationary point is a maximum or minimum. (5 marks) c. Draw the corresponding curves (5 marks)

Problem 2: The sales data over the last 10 years for the Acme Hardware Store are as follows: 2003 $230,000 2008 $526,000 2004 276,000 2009 605,000 2005 328,000 2010 690,000 2006 388,000 2011 779,000 2007 453,000 2012 873,000 1. Calculate the compound growth rate for the period of 2003 to 2012. 2. Based on your answer to part a, forecast sales for both 2013 and 2014. 3. Now calculate the compound growth rate for the period of 2007 to 2012. 1. Based on your answer to part e, forecast sales for both 2013 and 2014. 5. What is the major reason for the differences in your answers to parts b and d? If you were to make your own projections, what would you forecast? (Drawing a graph is very helpful.)

Answer 2

Question

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

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Answer 3

Question

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

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Answer 4

Question

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 6

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 7

Chapter 5, Problem 1SQP

(a)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

Answer 8

(a)

Expert Solution

Explanation of Solution

Hair cut purchased from the hair salon is a final services. The reason is, for the hire cutting, this is the final or ultimate service the consumer can available.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 13

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 14

(b)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

Answer 15

(b)

Expert Solution

Explanation of Solution

A new automobile is a final good and it can be go for ultimate consumption by the consumer or this can consumed and utilized directly by the consumers themselves.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Final goods: These goods are not used as raw materials for the production of other commodities during the accounting year.

Answer 20

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 21

(c)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

Answer 22

(c)

Expert Solution

Explanation of Solution

Purchase of oil filter in a new automobile is an intermediate good. It is consumed along with the automobile and oil filter cannot use alone.

Answer 23

(c)

Expert Solution

Answer 24

(c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 27

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 28

(d)

To determine

Classify the goods and services as final goods and services or intermediate goods and services.

Answer 29

(d)

Expert Solution

Explanation of Solution

Crude oil is an intermediate goods, because it is considered as a raw material and it cannot used alone.

Answer 30

(d)

Expert Solution

Answer 31

(d)

Expert Solution

Answer 32

Expert Solution

Answer 33

Economics Concept Introduction

Intermediate goods: These goods may be used as raw materials for the production of other goods during the accounting year.

Answer 34

Ch. 5.6 - Prob. 1YTE Ch. 5 - Prob. 1SQP Ch. 5 - Prob. 2SQP Ch. 5 - Prob. 3SQP Ch. 5 - Prob. 4SQP Ch. 5 - Prob. 5SQP Ch. 5 - Prob. 6SQP Ch. 5 - Prob. 7SQP Ch. 5 - Prob. 8SQP Ch. 5 - Prob. 9SQP

Classify the goods and services as final goods and services or intermediate goods and services.

Classify the goods and services as final goods and services or intermediate goods and services.

Explanation of Solution

Classify the goods and services as final goods and services or intermediate goods and services.

Explanation of Solution

Classify the goods and services as final goods and services or intermediate goods and services.

Explanation of Solution

Classify the goods and services as final goods and services or intermediate goods and services.

Explanation of Solution

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Chapter 5 Solutions