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ACCOUNTING SYSTEM-EXAMPLE I
Consider a very simple economy. It consists of
a. A number of households.
b. A single productive organization, a 'firm' - say the Jam Corporation.
The firm, owned by some of the households, engages in the manufacture of jam from freely available fruits and labor hired from the households. Thus the only scarce input or factor of production is labor. In a given year, the firm's accounts are as follows:
Production Account
The consolidated account of the household sector is:
Household Account
The Gross National Product (GNP) of this economy is the value of output, viz.100. The Gross National Income (GNI) is the value of payments for services of factors of production - labor and 'ownership' - viz. wages, salaries and profits which also add up to 100 as they should.
GNP = GNI for this economy.
Derivation of Indifference Curve: Consider any commodity bundle denoted by point A in the above figure which consist x 0 1 and x 0 2 amount of good I and good II respectiv
1 .Use the concepts of sampling error and z- scores to explain the concept of distribution of sample means. (this is a paragraph answer needed) 2. Describe the distribution
Compute the following probabilities a) If Y is distributed N(1,4) find Pr(y ? 3) b) If Y is distributed N(3,9) find pr(y>0) c) If Y is distributed N (50,25) find pr(40?Y?5
(a) Use this information to set up a diagram showing the firm''s total revenue and total cost schedules. In this diagram, show the points at which the firm is maximizing profits.
Illustrate an example of Consumer Price Index For instance, if we spend twice as much on apples as on pears, apples would have twice the weight in basket. The precise details o
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how can a country maintain equilibrium GDP with foreign trade?
Suppose the banking system has reserve of $750000, demand deposits of $2500000 and a reserve requirement of 20%. a. if the fed now purchases $125,000 worth of govt bonds from the
What does a shift in the demand to the right mean? Why does the demand curve shift?
Derive saving- investment recognize in the context of an open economy. From national income accounting shows that an enhance in taxes (whereas transfer unchanged) must imply a
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