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What have been some justifications given for the historical exclusion of household production from the national accounts?
Some reasons have included:
a. households are not producing economic goods;
b. it's too difficult to differentiate household production from consumption;
c. GDP measures just market production; d; containing household production would make too big of a alter in the accounts.
Evaluate the equilibrium price and quantity (a) Find the equilibrium price and quantity (b) If government in trying to control the price of the good fixes the price at c550
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study on internet will impact on gdp
Explanation
Let Consider the following insurance market. There are two states of the world, B and G , and two types of consumers, H and L, who have probabilities p H =0.5 and p L
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