(a) Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

Question

profit maximizing and loss minamization fire dragon co mindtap

Answer 1

Question

Chapter 5, Problem 3TY

To determine

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

To determine

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

To determine

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

To determine

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

To determine

(e)

Whether the purchase of used computers will be included in GDP or not.

To determine

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

To determine

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

To determine

(h)

Whether $100 made in the stock market will be included in GDP or not.

To determine

(i)

Whether the sale of used economics textbook will be included in GDP or not.

To determine

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.

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profit maximizing and loss minamization fire dragon co mindtap

Problem 3 You are given the following demand for European luxury automobiles: Q=1,000 P-0.5.2/1.6 where P-Price of European luxury cars PA = Price of American luxury cars P, Price of Japanese luxury cars I= Annual income of car buyers Assume that each of the coefficients is statistically significant (i.e., that they passed the t-test). On the basis of the information given, answer the following questions 1. Comment on the degree of substitutability between European and American luxury cars and between European and Japanese luxury cars. Explain some possible reasons for the results in the equation. 2. Comment on the coefficient for the income variable. Is this result what you would expect? Explain. 3. Comment on the coefficient of the European car price variable. Is that what you would expect? Explain.

Problem 2: A manufacturer of computer workstations gathered average monthly sales figures from its 56 branch offices and dealerships across the country and estimated the following demand for its product: Q=+15,000-2.80P+150A+0.3P+0.35Pm+0.2Pc (5,234) (1.29) (175) (0.12) (0.17) (0.13) R²=0.68 SER 786 F=21.25 The variables and their assumed values are P = Price of basic model = 7,000 Q==Quantity A = Advertising expenditures (in thousands) = 52 P = Average price of a personal computer = 4,000 P. Average price of a minicomputer = 15,000 Pe Average price of a leading competitor's workstation = 8,000 1. Compute the elasticities for each variable. On this basis, discuss the relative impact that each variable has on the demand. What implications do these results have for the firm's marketing and pricing policies? 2. Conduct a t-test for the statistical significance of each variable. In each case, state whether a one-tail or two-tail test is required. What difference, if any, does it make to…

Answer 2

Question

Chapter 5, Problem 3TY

To determine

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

To determine

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

To determine

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

To determine

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

To determine

(e)

Whether the purchase of used computers will be included in GDP or not.

To determine

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

To determine

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

To determine

(h)

Whether $100 made in the stock market will be included in GDP or not.

To determine

(i)

Whether the sale of used economics textbook will be included in GDP or not.

To determine

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.

Expert Solution & Answer

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Answer 3

Question

Chapter 5, Problem 3TY

To determine

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

To determine

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

To determine

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

To determine

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

To determine

(e)

Whether the purchase of used computers will be included in GDP or not.

To determine

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

To determine

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

To determine

(h)

Whether $100 made in the stock market will be included in GDP or not.

To determine

(i)

Whether the sale of used economics textbook will be included in GDP or not.

To determine

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 3TY

To determine

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

To determine

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

To determine

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

To determine

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

To determine

(e)

Whether the purchase of used computers will be included in GDP or not.

To determine

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

To determine

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

To determine

(h)

Whether $100 made in the stock market will be included in GDP or not.

To determine

(i)

Whether the sale of used economics textbook will be included in GDP or not.

To determine

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 3TY

To determine

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

To determine

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

To determine

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

To determine

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

To determine

(e)

Whether the purchase of used computers will be included in GDP or not.

To determine

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

To determine

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

To determine

(h)

Whether $100 made in the stock market will be included in GDP or not.

To determine

(i)

Whether the sale of used economics textbook will be included in GDP or not.

To determine

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.

Answer 6

Chapter 5, Problem 3TY

To determine

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

Answer 7

Chapter 5, Problem 3TY

To determine

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

Answer 8

To determine

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

Answer 9

To determine

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

Answer 10

To determine

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

Answer 11

To determine

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

Answer 12

To determine

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

Answer 13

To determine

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

Answer 14

To determine

(e)

Whether the purchase of used computers will be included in GDP or not.

Answer 15

To determine

(e)

Whether the purchase of used computers will be included in GDP or not.

Answer 16

To determine

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

Answer 17

To determine

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

Answer 18

To determine

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

Answer 19

To determine

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

Answer 20

To determine

(h)

Whether $100 made in the stock market will be included in GDP or not.

Answer 21

To determine

(h)

Whether $100 made in the stock market will be included in GDP or not.

Answer 22

To determine

(i)

Whether the sale of used economics textbook will be included in GDP or not.

Answer 23

To determine

(i)

Whether the sale of used economics textbook will be included in GDP or not.

Answer 24

To determine

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.

Answer 25

To determine

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.

Answer 26

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Answer 27

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Answer 37

Ch. 5 - Prob. 1TY Ch. 5 - Prob. 2TY Ch. 5 - Prob. 3TY Ch. 5 - Prob. 1DQ Ch. 5 - Prob. 2DQ Ch. 5 - Prob. 3DQ

(a) Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

(a) Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

(b) Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

(c) Whether a garage worth $50,000 built from woods will be counted in GDP or not.

(d) Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

(e) Whether the purchase of used computers will be included in GDP or not.

(f) Whether the purchase of a new mainframe computer will be included in GDP or not.

(g) Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

(h) Whether $100 made in the stock market will be included in GDP or not.

(i) Whether the sale of used economics textbook will be included in GDP or not.

(j) Whether the purchase of a new economics textbook will be included in GDP or not.

Chapter 5 Solutions

(a)

Whether $50,000 payment to carpenter to build a garage will be included in GDP or not.

(b)

Whether $10,000 worth of raw materials used in the building of a garage for own usage will be counted in GDP or not. Whether the final value of $50,000 will be included in the GDP or not.

(c)

Whether a garage worth $50,000 built from woods will be counted in GDP or not.

(d)

Whether the sale and purchase of old and new houses respectively will be included in GDP or not.

(e)

Whether the purchase of used computers will be included in GDP or not.

(f)

Whether the purchase of a new mainframe computer will be included in GDP or not.

(g)

Whether the $100 amount that is won from playing in a casino will be included in GDP or not.

(h)

Whether $100 made in the stock market will be included in GDP or not.

(i)

Whether the sale of used economics textbook will be included in GDP or not.

(j)

Whether the purchase of a new economics textbook will be included in GDP or not.