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Author Question: If you buy a new water skis and other new equipment for 2,500 and take a week off of your job, where ... (Read 26 times)

kfurse

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on: Jun 29, 2018
If you buy a new water skis and other new equipment for 2,500 and take a week off of your job, where you earn 1,000 a week, to go water skiing. The equipment you purchased was all produced in the United States.
 
  You think that the week was worth 4,000. As a result of your vacation, GDP changes by how much?

Question 2

In the above figure, if the market price rises from 100 to 125 per ton of wheat, then producer surplus
 
  A) decreases.
  B) does not change.
  C) increases.
  D) might increase, decrease, or not change depending on how the demand curve for wheat shifts.


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parshano

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Reply #1 on: Jun 29, 2018
Answer to Question 1

GDP changes by only the 2,500 you spent on the water skis and other equipment.

Answer to Question 2

C


kfurse

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

epscape

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Reply 3 on: Yesterday
Excellent

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