« previous next »

Author Question: In the above figure, when the price of pretzels is 3.00 per pound, the total producer surplus from ... (Read 119 times)

aabwk4

  • Hero Member
  • *****
  • Posts: 593
on: Jun 29, 2018
In the above figure, when the price of pretzels is 3.00 per pound, the total producer surplus from all the pretzels will be
 
  A) zero.
  B) greater than at any other price.
  C) less than at any other price.
  D) the sum of the difference between 3.00 and the marginal cost of all the pounds produced.

Question 2

Why does real GDP have limitations in determining economic welfare?
 
  What will be an ideal response?


dpost18

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

First economic welfare is a broad concept of economic well-being that entails all goods and services not just those measured by GDP. These include production in the home and within the underground economy. Secondly, items such as leisure time are all aspects that are highly desirable and count for economic welfare yet are not measured by GDP. Lastly, environmental quality is highly desired yet real GDP growth could actually reduce the quality of the environment. So for all these reasons, economic growth is not totally determined by real GDP.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates’s recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Did you know?

Women are two-thirds more likely than men to develop irritable bowel syndrome. This may be attributable to hormonal changes related to their menstrual cycles.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

(A) The nine regions of the abdominopelvic cavity. (B) The four regions of the abdomen, which are re (A) The nine regions of the abdominopelvic cavity. (B) The four regions of the abdomen, which are re
The illusory bands visible in this figure are often called Mach bands, although Mach used a ... The illusory bands visible in this figure are often called Mach bands, although Mach used a ...
Figure-8s at the knuckles of the hand. Figure-8s at the knuckles of the hand.
Frequency distribution of phenotypes from the possible offspring in Figure 5.7. Height of the offspr Frequency distribution of phenotypes from the possible offspring in Figure 5.7. Height of the offspr
How much voltage does the resistor drop in Figure 10-2? a. 59 mV b. 19.94 V c. 20 V d. 10 V How much voltage does the resistor drop in Figure 10-2? a. 59 mV b. 19.94 V c. 20 V d. 10 V
What is the current in Figure 16-1(b) if the diode is made of silicon and the polarity of the ... What is the current in Figure 16-1(b) if the diode is made of silicon and the polarity of the ...
Video: Carpal Tunnel Syndrome

For a complete list of videos, visit our video library