does not support all öf247. Describe three ways that human specialization contributes to society's output.doing, time, and differences8. What advantage does a money economy have over a barter economy?9. A firm has the choice between producing product A, B, or C. In producing the products the firm facesa weekly cost of $10 for product A, $130 for product B and $200 for product C. The prices receivedfor each product at different quantities are listed in the table below.ProductProductProductProfitProfitProfitOutputACAC$3.00$15.00$35.00151.259.0010.00(а)(b)profit?Compute the firm's profit for A, B, and C and enter this data into the table.Which product will the firm choose to produce and how much output will maximize10.Assume that a firm can produce product A, product B, or product C with the resources it currentlyAssume for the purposes of thisemplovs These resources cost the firm a total of $100 per week194%D 回Type here to searchPoUpPrtScnF8HomeEnd

Answered: 7. Describe three ways that human…

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7. Describe three ways that human specialization contributes to society's output. doing, time, and differences

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Monetary System

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Question

does not support all öf
2
4
7. Describe three ways that human specialization contributes to society's output.
doing, time, and differences
8. What advantage does a money economy have over a barter economy?
9. A firm has the choice between producing product A, B, or C. In producing the products the firm faces
a weekly cost of $10 for product A, $130 for product B and $200 for product C. The prices received
for each product at different quantities are listed in the table below.
Product
Product
Product
Profit
Profit
Profit
Output
A
C
A
C
$3.00
$15.00
$35.00
15
1.25
9.00
10.00
(а)
(b)
profit?
Compute the firm's profit for A, B, and C and enter this data into the table.
Which product will the firm choose to produce and how much output will maximize
10.Assume that a firm can produce product A, product B, or product C with the resources it currently
Assume for the purposes of this
emplovs These resources cost the firm a total of $100 per week
194%
D 回
Type here to search
PoUp
PrtScn
F8
Home
End

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Please xplain why the answer is this: a) 0.1 * 1000 = 100 b) 1000-100 = 900 c) Let CU be currency in circulation Old MS = CU + R*[1/reserve deposit ratio] = CU + existing created deposits = CU + 30000 New MS after deposit = [CU – 1000] + [existing created deposits] + [newly created deposits] = [CU -1000] + [30000] + [1000*1/0.1] Difference = -1000 + [1000/0.1] = 9000 a) 0.1 * 1000 = 100 b) 1000-100 = 900 c) Let CU be currency in circulation Old MS = CU + R*[1/reserve deposit ratio] = CU + existing created deposits = CU + 30000 New MS after deposit = [CU – 1000] + [existing created deposits] + [newly created deposits] = [CU -1000] + [30000] + [1000*1/0.1] Difference = -1000 + [1000/0.1] = 9000
Which od the following statement is true about money? -it makes markets more efficient than barter -it requires a double coincidence of wants -it is not part of the circular flow -it decreases the efficiency of the market compared to barter Assume that Andy and Henry, without trading with each other, will produce and consume the following number of steel bars and ketchup bottles. The Gains from Trade Without trade Person Good Production Consumption Gains from Trade Andy Steel bars 60 60 +35 Btl. Ketchup 60 60 +15 Henry Steel bars 20 20 +5 Btl. Ketchup 20 20 +5 Now, Assume that both Andy and Henry decide to specialize, and then Andy trades 25 steel bars to Henry for 75 Btls. ketchup. This outcome is shown in the table below. Compared to the result without trade, what are the gains from trade that Andy experiences when he and Henry specialize and trade? The Gains from Trade With specialization Person Good Production…
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