This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Marginal analysis involves: a. comparing the total benefits of all actions to the total costs ... (Read 94 times)

luminitza

  • Hero Member
  • *****
  • Posts: 555
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?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

meow1234

  • Sr. Member
  • ****
  • Posts: 333
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

  • Hero Member
  • *****
  • Posts: 555
Reply #2 on: Jun 30, 2018
Thank you


meow1234

  • Sr. Member
  • ****
  • Posts: 333
Reply #3 on: Jun 30, 2018
No problemo


« previous next »
 

Did you know?

Approximately one in three babies in the United States is now delivered by cesarean section. The number of cesarean sections in the United States has risen 46% since 1996.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

Your heart beats over 36 million times a year.

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

The synthesis of O2, ATP, and NADPH by the concerted actions of photosystems II and I The synthesis of O2, ATP, and NADPH by the concerted actions of photosystems II and I
Action! Children love to talk about the actions of adults and animals, which provides a natural way ... Action! Children love to talk about the actions of adults and animals, which provides a natural way ...
Total Fertility Rate in the United States, 1860–2008 Total Fertility Rate in the United States, 1860–2008
Dihybrid-cross analysis Dihybrid-cross analysis
GENETIC ANALYSIS 15.1 (3 of 5) GENETIC ANALYSIS 15.1 (3 of 5)
Video: Bone cells and tissues - tissue composition and cells

For a complete list of videos, visit our video library