Calculated by tallying all final expenditures in an economy

Assignment Help Business Economics

Reference no: EM131004834

GDP is typically calculated by tallying all final expenditures in an economy, but it can also be calculated by adding income. Pick a product and give an example of how that product's contribution to GDP could be calculated using income.

Reference no: EM131004834

Questions Cloud

Find the equilibrium market quantity and price : Let’s say there are 50 firms in a perfectly competitive market, each with firm supply curves of q=0.6P -15. Market demand is given by Q= 1250 - 20P. Find the equilibrium market quantity and price.

What is equilibrium price and quantity : Let’s say that there are 25 firms in a (perfectly competitive) market each with an inverse short-run supply curve of P = 1.25q + 12.5. If the market demand curve equals Q= 750 - 30P, what is equilibrium price and quantity, and how much does each indi..

Find the representative firms short-run supply curve : Suppose a representative firm in a perfectly competitive market has short-run total costs of TC = q2-50q+1000. Find the representative firm’s short-run supply curve. Find the market supply curve if there are 350 firms in the industry..

How much does each individual firm produce in equilibrium : Now let’s say that there are 100 firms in a (perfectly competitive) market each with an inverse short-run supply curve of P = 2q+10. If the market demand curve equals Q=1000 - 25P, what is equilibrium price and quantity, and how much does each indiv..

Calculated by tallying all final expenditures in an economy : GDP is typically calculated by tallying all final expenditures in an economy, but it can also be calculated by adding income. Pick a product and give an example of how that product's contribution to GDP could be calculated using income.

What is the maximal utility level : Jenny consumes 3 different goods X, Y and Z. Her corresponding utility function is U(X,Y,Z) = 2XY + 4Y + Z^2 . If Px = Py = $1, Pz = $2, and Jenny’s budget is $38, how much of X, Y and Z, should Jenny purchase? What is the maximal utility level that ..

How would a methodological individualist explain : What makes a social science explanation different from methodological individualism? How would social scientists explain why American men wear short hair, while women wear their hair long? How would a methodological individualist explain this?

What quantity is the company total revenue maximized : Suppose a company demands function is Qd=220-5p a. At what quantity is the company total revenue maximized? b. What is the company's maximum total revenue? c. what is the company marginal revenue when its total revenue is maximized? d.What is the com..

Galbraith presents eight assumptions about causes of poverty : In his 1962 book "Economic Development," Galbraith presents eight assumptions about the causes of poverty. What are the eight assumptions?

User Account

All Pages