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 37 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?

More than 2,500 barbiturates have been synthesized. At the height of their popularity, about 50 were marketed for human use.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

The highest suicide rate in the United States is among people ages 65 years and older. Almost 15% of people in this age group commit suicide every year.

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Reaction coordinate diagram comparing enzyme-catalyzed and uncatalyzed reactions Reaction coordinate diagram comparing enzyme-catalyzed and uncatalyzed reactions
Comparing temperatures at different measuring sites Comparing temperatures at different measuring sites
Tumor marker analysis of a patient undergoing therapy, who (1) after surgery had residual disease ... Tumor marker analysis of a patient undergoing therapy, who (1) after surgery had residual disease ...
Comparing Productivity Comparing Productivity
Swot analysis Swot analysis
In the PCR amplification and analysis of one STR locus In the PCR amplification and analysis of one STR locus
Video: Enzyme-Catalyzed Reactions

For a complete list of videos, visit our video library