Describe each of the economic functions of money

Assignment Help Business Economics

Reference no: EM13896635

Describe each of the following economic functions of money and provide an example of each: (1) medium of exchange; (2) standard of value; and (3) store of value.

Reference no: EM13896635

Questions Cloud

What is the annual equivalent cost for the truck : The initial cost of a pickup truck is $10323 and will have a salvage value of $3850 after five years. Maintenance is estimated to be a uniform gradient amount of $160 per year, with zero dollar for first year maintenance. The operation cost is estima..

Find the symmetric nash equilibrium : In a Tragedy of the Commons scenario, the commons production function is F(X)= 1.6X - 0.2X^2. The rate of return outside the commons remains 0.1. Find the symmetric Nash Equilibrium when there are seven players. Is your solution tragic?

International monetary fund about currency depreciation : Suppose that the International Monetary Fund (IMF) is concerned about currency depreciation in a small open economy. Use the basic version of our exchange-rate model for your answers. Illustrate graphically the impact of the IMF proposal on the excha..

Interest rate target or money supply growth target : Why do economists disagree about whether an interest rate target or money supply growth target is the best intermediate policy target for the Fed, and why not target both?

Describe each of the economic functions of money : Describe each of the following economic functions of money and provide an example of each: (1) medium of exchange; (2) standard of value; and (3) store of value.

What price and quantity combination would this firm : Set up a table or a spreadsheet for XYZ's output (Q) price(P), total revenue (TR), marginal revenue (MR), total cost (MC), average cost (AC) total profit (TP) and Marginal profit (MP). Establish a range for Q from 0 to 1,000 in increments of 100 (i.e..

Three constitute the entire demand for chain saws : Jen, Eric, and Kurt are all buyers of chain saws. Jen’s demand function is DJ (p) = 520 − 13p, Eric’s demand function is DE(p) = 40 − p, and Kurt’s demand function is DK(p) = 200 − 5p. Together, these three constitute the entire demand for chain saws..

If the price elasticity of demand for bananas : When the price of bananas is 50 cents a pound, the total demand is 100 pounds. If the price elasticity of demand for bananas is −2, what quantity would be demanded if the price rose to 55 cents a pound?

What are marginal cost and average total cost : A cubic total cost function is expressed as TC=a+bq+cq^2+dq^3 if a=0 b=400 c=-50 and d=5 then. What are MC (Marginal Cost) and ATC (Average Total Cost) respectively equal to? At what output levels are MC and ATC respectively minimized?

User Account

All Pages