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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.
There are very examples of perfect competition. Yet in the study of industrial organization, significant discussion is focused on this type of market. Explain why.
It is reported that 16% of American households use a cell phone exclusively for their telephone service. In a sample of eight households, find the probability that: A) None use a c
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A local movie theater wants to know how much popcorn they should stock for a given movie showing. Records from 94 movies reveal a mean of 57 boxes and a standard deviation of 17.8.
Consider Gold-Bernstein's Integration roadmap (p. 18). Construct two business examples, one that clearly calls for a strategic integration effort and the other that call
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# ???? .. difference between gdp at market price and nnp at factor cost
neoclassical
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