OA. 30 LCD televisions that must be forgone to produce 20 additional plasma televisions. OB. 120 LCD televisions that must be forgone to produce 40 additional plasma televisions. O C. 30 LCD televisions that must be forgone to produce 60 additional plasma televisions. OD. 90 LCD televisions that must be forgone to produce 20 additional plasma televisions.

OA. 30 LCD televisions that must be forgone to produce 20 additional plasma televisions. OB. 120 LCD televisions that must be forgone to produce 40 additional plasma televisions. O C. 30 LCD televisions that must be forgone to produce 60 additional plasma televisions. OD. 90 LCD televisions that must be forgone to produce 20 additional plasma televisions.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter12: The Partial Equilibrium Competitive Model

Section: Chapter Questions

Problem 12.12P

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The economy of Zambia has two sectors, agriculture and industry. Consumers are the end users ofthe final output. The agriculture sector produces maize worth K16000 and milk worth K16000.Maize worth K4000 as well as milk worth K6000 is sold to consumers for direct consumption, andmaize worth K12000 and milk worth K10000 is sold to the industry as intermediate inputs in theproduction of mealie meal and butter respectively. The industry uses this maize to produce mealiemeal worth K32000 and uses milk to produce butter worth K18000 which are sold to consumersfor final consumption. In addition, the agriculture sector pays wages worth K20000, rent worthK4000 and earns profit equal to K8000. The industry sector pays wages worth K16000, rent worthK6000 and earns a profit of K6000.a) Calculate GDP for the above economy using the three approaches: product approach, incomeapproach, and expenditure approach.b) Peter was bragging to his wife that his country, Zambia, is doing better than his wife’s…
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"Diminishing Returns in Microbrewing? Your microbrewery produces craft beer, using a single vat, various ingredients, and workers. If you double the number of workers and ingredients, but don’t add a second vat, would you expect your output (gallons per hour) to double? Explain.If you double the number of workers and ingredients and add a second vat, would you expect your output (gallons per hour) to double? Explain."