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Author Question: Marginal analysis involves: a. comparing the total benefits of all actions to the total costs ... (Read 119 times)

luminitza

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on: Jun 30, 2018
Marginal analysis involves:
 a. comparing the total benefits of all actions to the total costs incurred as a result of those actions.
  b. abstract thinking, which is never actually utilized by consumers when making purchasing decisions.
  c. holding all other variables constant when isolating the relationship between two variables.
 d. comparing the additional benefit from an action to the additional cost.

Question 2

Adam's Ribs in downtown Chicago buys 10,000 worth of beef ribs, 25,000 worth of pork ribs, and 8,000 worth of napkins each month. Are these purchases included in the calculation of gross domestic product?


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meow1234

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

Economists calculate GDP as the value of all final goods and services produced in one year. The ribs and napkins are intermediate goods whose value is included in the value of the final product dinners sold. Counting purchases of ribs and napkins by the restaurant in GDP would result in double counting.


luminitza

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Reply #2 on: Jun 30, 2018
Thank you


meow1234

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Reply #3 on: Jun 30, 2018
No problemo


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