Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP .

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Answer 1

Question

Chapter 7, Problem 14CQ

(a)

To determine

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP.

(b)

To determine

Identify whether the winning lottery affects the current year’s GDP.

(c)

To determine

Identify the share of stock and sales commission that affects the current year’s GDP.

(d)

To determine

Identify the rental payment affect the current year GDP.

(e)

To determine

Identify whether the computer service payment affect the current year’s GDP.

(f)

To determine

Identify whether the cash receive from parents will affect the current year’s GDP.

(g)

To determine

Identify whether a raise in hourly earnings and reduction in working hours affect the current year’s GDP.

(h)

To determine

Identify the earnings from Country S as an English instructor affect the current year GDP.

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1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically. 2. Consider the following table of long-run total costs for three different firms: Quantity Total Cost ($) Firm A Firm B Firm C 1 60 11 21 2 70 24 34 3 80 39 49 4 90 56 66 5 100 75 85 6 110 96 106 7 120 119 129 Does each of these firms experience economies of scale or diseconomies of scale? Explain your answer with necessary calculations.

Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer.State the condition for a consumer's utility maximizing choice and illustrate graphically.

1. Riaz has a limited income and consumes only Apple and Bread. His current consumption choice is 3 apples and 5 bread. The price of apple is $3 each, and the price of bread is $2.5 each. The last apple added 5 units to Sadid's utility, while the last bread added 7 units. Is Riaz making the utility-maximizing choice? Why or why not? Do you suggest any adjustment in Riaz's consumption bundle? Why or why not? Give reasons in support of your answer. State the condition for a consumer's utility maximizing choice and illustrate graphically.

Answer 2

Question

Chapter 7, Problem 14CQ

(a)

To determine

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP.

(b)

To determine

Identify whether the winning lottery affects the current year’s GDP.

(c)

To determine

Identify the share of stock and sales commission that affects the current year’s GDP.

(d)

To determine

Identify the rental payment affect the current year GDP.

(e)

To determine

Identify whether the computer service payment affect the current year’s GDP.

(f)

To determine

Identify whether the cash receive from parents will affect the current year’s GDP.

(g)

To determine

Identify whether a raise in hourly earnings and reduction in working hours affect the current year’s GDP.

(h)

To determine

Identify the earnings from Country S as an English instructor affect the current year GDP.

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Answer 3

Question

Chapter 7, Problem 14CQ

(a)

To determine

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP.

(b)

To determine

Identify whether the winning lottery affects the current year’s GDP.

(c)

To determine

Identify the share of stock and sales commission that affects the current year’s GDP.

(d)

To determine

Identify the rental payment affect the current year GDP.

(e)

To determine

Identify whether the computer service payment affect the current year’s GDP.

(f)

To determine

Identify whether the cash receive from parents will affect the current year’s GDP.

(g)

To determine

Identify whether a raise in hourly earnings and reduction in working hours affect the current year’s GDP.

(h)

To determine

Identify the earnings from Country S as an English instructor affect the current year GDP.

Expert Solution & Answer

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Answer 4

Question

Chapter 7, Problem 14CQ

(a)

To determine

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP.

(b)

To determine

Identify whether the winning lottery affects the current year’s GDP.

(c)

To determine

Identify the share of stock and sales commission that affects the current year’s GDP.

(d)

To determine

Identify the rental payment affect the current year GDP.

(e)

To determine

Identify whether the computer service payment affect the current year’s GDP.

(f)

To determine

Identify whether the cash receive from parents will affect the current year’s GDP.

(g)

To determine

Identify whether a raise in hourly earnings and reduction in working hours affect the current year’s GDP.

(h)

To determine

Identify the earnings from Country S as an English instructor affect the current year GDP.

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 14CQ

(a)

To determine

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP.

(b)

To determine

Identify whether the winning lottery affects the current year’s GDP.

(c)

To determine

Identify the share of stock and sales commission that affects the current year’s GDP.

(d)

To determine

Identify the rental payment affect the current year GDP.

(e)

To determine

Identify whether the computer service payment affect the current year’s GDP.

(f)

To determine

Identify whether the cash receive from parents will affect the current year’s GDP.

(g)

To determine

Identify whether a raise in hourly earnings and reduction in working hours affect the current year’s GDP.

(h)

To determine

Identify the earnings from Country S as an English instructor affect the current year GDP.

Answer 6

Chapter 7, Problem 14CQ

(a)

To determine

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP.

Answer 7

Chapter 7, Problem 14CQ

(a)

To determine

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP.

Answer 8

(b)

To determine

Identify whether the winning lottery affects the current year’s GDP.

Answer 9

(b)

To determine

Identify whether the winning lottery affects the current year’s GDP.

Answer 10

(c)

To determine

Identify the share of stock and sales commission that affects the current year’s GDP.

Answer 11

(c)

To determine

Identify the share of stock and sales commission that affects the current year’s GDP.

Answer 12

(d)

To determine

Identify the rental payment affect the current year GDP.

Answer 13

(d)

To determine

Identify the rental payment affect the current year GDP.

Answer 14

(e)

To determine

Identify whether the computer service payment affect the current year’s GDP.

Answer 15

(e)

To determine

Identify whether the computer service payment affect the current year’s GDP.

Answer 16

(f)

To determine

Identify whether the cash receive from parents will affect the current year’s GDP.

Answer 17

(f)

To determine

Identify whether the cash receive from parents will affect the current year’s GDP.

Answer 18

(g)

To determine

Identify whether a raise in hourly earnings and reduction in working hours affect the current year’s GDP.

Answer 19

(g)

To determine

Identify whether a raise in hourly earnings and reduction in working hours affect the current year’s GDP.

Answer 20

(h)

To determine

Identify the earnings from Country S as an English instructor affect the current year GDP.

Answer 21

(h)

To determine

Identify the earnings from Country S as an English instructor affect the current year GDP.

Answer 22

Expert Solution & Answer

Answer 23

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Answer 24

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Answer 25

Ch. 7 - Prob. 1CQ Ch. 7 - Prob. 2CQ Ch. 7 - Prob. 3CQ Ch. 7 - Prob. 4CQ Ch. 7 - Why might even real GDP be a misleading index of...Ch. 7 - Prob. 6CQ Ch. 7 - Prob. 7CQ Ch. 7 - Prob. 8CQ Ch. 7 - Prob. 9CQ Ch. 7 - Prob. 10CQ

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP .

Solution Summary: The author identifies whether the suffering 10,000 damage of automobile affects the current year's GDP. The expenditure and receipt from the lottery are a transfer payment.

Identify whether the suffering $10,000 damage of automobile affects the current year’s GDP.

Identify whether the winning lottery affects the current year’s GDP.

Identify the share of stock and sales commission that affects the current year’s GDP.

Identify the rental payment affect the current year GDP.

Identify whether the computer service payment affect the current year’s GDP.

Identify whether the cash receive from parents will affect the current year’s GDP.

Identify whether a raise in hourly earnings and reduction in working hours affect the current year’s GDP.

Identify the earnings from Country S as an English instructor affect the current year GDP.

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Chapter 7 Solutions