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

Question

Want to see more full solutions like this?

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.

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

A monopolist had the following fixed costs and marginal revenue and costs for each unit of production: 0 units where fixed costs are 10 1 unit where MR = 60 & MC = 20 & FC = 10 2 units where MR = 50 & MC = 30 & FC = 10 3 units where MR = 45 & MC = 38 & FC = 10 4 units where MR = 40 & MC = 40 & FC = 10 How many units should the firm produce and why?

Respond to this post. Hello Professor, A rise in consumption in the economy would cause an increase in aggregate demand. Therefore, when consumers spend money on everyday goods and services, it not only helps to stimulate economic growth, but it could also present potential issues like unsustainable debt levels or inflation. I believe that it would be beneficial to consider such factors and adopt a purchasing strategy to help navigate the challenges posed by inflation or unsustainable debt levels. First, do you think our business will be affected because inflation is rising? How? Yes, I do believe that the business will be affected because of inflationary pressures. Inflation rising will affect the cost of goods, services, and labor, which could lead to higher operating expenses. The potential reduction of profit margin because of inflation could lead to a smaller percentage of revenue being retained as profit. Therefore, inflation rising will force us to raise prices for…

Not use ai please

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.

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 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.

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 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.

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 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

Want to see more full solutions like this?

Chapter 5 Solutions