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

Question

ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = $20,000, P = $10, and P’ = $5, determine ƐQP, ƐQI, and ƐQP’.

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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ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = ECON 2106: Microeconomics I Fall - 2023 Algoma University Homework # 2 (Due: October 19, 2023) 1. The market demand for cashmere socks is given by Q = 1,000 + 0.5I – 400P + 200P’ Where, Q = Annual demand in number of pairs I = Average income I dollars per year P = Price of one pair of cashmere shocks P’ = Price of one pair of wool shocks Given that I = $20,000, P = $10, and P’ = $5, determine ƐQP, ƐQI, and ƐQP’.

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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.

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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.