The contribution to GDP .

Question

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Answer 1

Question

Chapter 10, Problem 1CQQ

To determine

The contribution to GDP.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

GDP is the summation of money value of all the goods and services that are produced by the country within its political boundary, within a financial year. Thus, it will take all the goods and services produced in a year in the country into account.

Here, we have given two commodities hotdogs and hamburgers. Both are commodities are produced by the economy, thus both are contributors to the GDP of the economy. The price of hotdogs is $2 and that of hamburgers is $4. We have to calculate how many hamburgers will equal the contribution of 30 hotdogs.

Option (b):

The quantity of hamburgers which equals the contribution from 30 hotdogs can be calculated by multiplying the 30 hotdogs with their per-unit price and dividing the product with the price of Hamburgers as follows:

Quantity of Hamburgers=Quantity of Hotdog×Per unit pricePer unit price of Hamburgers=30×24=604=15

Thus, 15 hamburgers contribute the same amount as 30 hotdogs. Since option ‘b’ gives the correct value equal to that of the calculated value, option ‘b’ is correct.

Option (a):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of hamburgers is only 15. Since the value of 5, given in option ‘a’, is less than the actual calculated value, option ‘a’ is incorrect.

Option (c):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of Hamburgers is only 15. Since the value of 30, given in option ‘c’, is twice of the calculated actual value, option ‘c’ is incorrect.

Option (d):

It is calculated that 15 hamburgers contribute the same to the GDP as 30 hotdogs. Here, the given value is 60, which is four times higher than the calculated value. This means that option ‘d’ is also incorrect.

Economics Concept Introduction

Concept introduction:

GDP (gross domestic product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

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a) Assume there are two firms, 1 and 2, competing as Cournot duopolists in a market, selling a homogeneous product. Demand is given by p = 36 – (q1 + q2), where p is price and q1 and q2 are the outputs of firms 1 and 2 respectively. Each firm faces a marginal cost of 6 per unit of output and no fixed cost. Find each firm’s optimal output, the price at which they sell, each firm’s profit , and consumer surplus. b) Now assume that the firms face the same costs, but horizontally differentiate their product, so that firm 1 faces demand p1 = 36 – (q1 + q2/2) and firm 2 faces demand p2 = 36 – (q1/2 + q2). Assume Cournot competition. Calculate the new equilibrium prices and outputs for each firm, consumer surplus and profits. c) Now assume that rather than facing a given degree of product differentiation, the firms can choosehowdifferentiatedtheirproductsare.Thisisequivalenttoinversedemandequationsp1 =36 –(q1 +θq2)andp2 =36–(θq1 +q2),0≤θ≤1,withθdeterminedbythefirms’choicesofproduct…

Assume there are two firms, 1 and 2, competing as Cournot duopolists in a market, selling a homogeneous product. Demand is given by p = 36 – (q1 + q2), where p is price and q1 and q2 are the outputs of firms 1 and 2 respectively. Each firm faces a marginal cost of 6 per unit of output and no fixed cost. Find each firm’s optimal output, the price at which they sell, each firm’s profit , and consumer surplus.

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Answer 2

Question

Chapter 10, Problem 1CQQ

To determine

The contribution to GDP.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

GDP is the summation of money value of all the goods and services that are produced by the country within its political boundary, within a financial year. Thus, it will take all the goods and services produced in a year in the country into account.

Here, we have given two commodities hotdogs and hamburgers. Both are commodities are produced by the economy, thus both are contributors to the GDP of the economy. The price of hotdogs is $2 and that of hamburgers is $4. We have to calculate how many hamburgers will equal the contribution of 30 hotdogs.

Option (b):

The quantity of hamburgers which equals the contribution from 30 hotdogs can be calculated by multiplying the 30 hotdogs with their per-unit price and dividing the product with the price of Hamburgers as follows:

Quantity of Hamburgers=Quantity of Hotdog×Per unit pricePer unit price of Hamburgers=30×24=604=15

Thus, 15 hamburgers contribute the same amount as 30 hotdogs. Since option ‘b’ gives the correct value equal to that of the calculated value, option ‘b’ is correct.

Option (a):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of hamburgers is only 15. Since the value of 5, given in option ‘a’, is less than the actual calculated value, option ‘a’ is incorrect.

Option (c):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of Hamburgers is only 15. Since the value of 30, given in option ‘c’, is twice of the calculated actual value, option ‘c’ is incorrect.

Option (d):

It is calculated that 15 hamburgers contribute the same to the GDP as 30 hotdogs. Here, the given value is 60, which is four times higher than the calculated value. This means that option ‘d’ is also incorrect.

Economics Concept Introduction

Concept introduction:

GDP (gross domestic product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

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Answer 3

Question

Chapter 10, Problem 1CQQ

To determine

The contribution to GDP.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

GDP is the summation of money value of all the goods and services that are produced by the country within its political boundary, within a financial year. Thus, it will take all the goods and services produced in a year in the country into account.

Here, we have given two commodities hotdogs and hamburgers. Both are commodities are produced by the economy, thus both are contributors to the GDP of the economy. The price of hotdogs is $2 and that of hamburgers is $4. We have to calculate how many hamburgers will equal the contribution of 30 hotdogs.

Option (b):

The quantity of hamburgers which equals the contribution from 30 hotdogs can be calculated by multiplying the 30 hotdogs with their per-unit price and dividing the product with the price of Hamburgers as follows:

Quantity of Hamburgers=Quantity of Hotdog×Per unit pricePer unit price of Hamburgers=30×24=604=15

Thus, 15 hamburgers contribute the same amount as 30 hotdogs. Since option ‘b’ gives the correct value equal to that of the calculated value, option ‘b’ is correct.

Option (a):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of hamburgers is only 15. Since the value of 5, given in option ‘a’, is less than the actual calculated value, option ‘a’ is incorrect.

Option (c):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of Hamburgers is only 15. Since the value of 30, given in option ‘c’, is twice of the calculated actual value, option ‘c’ is incorrect.

Option (d):

It is calculated that 15 hamburgers contribute the same to the GDP as 30 hotdogs. Here, the given value is 60, which is four times higher than the calculated value. This means that option ‘d’ is also incorrect.

Economics Concept Introduction

Concept introduction:

GDP (gross domestic product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

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Answer 4

Question

Chapter 10, Problem 1CQQ

To determine

The contribution to GDP.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

GDP is the summation of money value of all the goods and services that are produced by the country within its political boundary, within a financial year. Thus, it will take all the goods and services produced in a year in the country into account.

Here, we have given two commodities hotdogs and hamburgers. Both are commodities are produced by the economy, thus both are contributors to the GDP of the economy. The price of hotdogs is $2 and that of hamburgers is $4. We have to calculate how many hamburgers will equal the contribution of 30 hotdogs.

Option (b):

The quantity of hamburgers which equals the contribution from 30 hotdogs can be calculated by multiplying the 30 hotdogs with their per-unit price and dividing the product with the price of Hamburgers as follows:

Quantity of Hamburgers=Quantity of Hotdog×Per unit pricePer unit price of Hamburgers=30×24=604=15

Thus, 15 hamburgers contribute the same amount as 30 hotdogs. Since option ‘b’ gives the correct value equal to that of the calculated value, option ‘b’ is correct.

Option (a):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of hamburgers is only 15. Since the value of 5, given in option ‘a’, is less than the actual calculated value, option ‘a’ is incorrect.

Option (c):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of Hamburgers is only 15. Since the value of 30, given in option ‘c’, is twice of the calculated actual value, option ‘c’ is incorrect.

Option (d):

It is calculated that 15 hamburgers contribute the same to the GDP as 30 hotdogs. Here, the given value is 60, which is four times higher than the calculated value. This means that option ‘d’ is also incorrect.

Economics Concept Introduction

Concept introduction:

GDP (gross domestic product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 10, Problem 1CQQ

To determine

The contribution to GDP.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

GDP is the summation of money value of all the goods and services that are produced by the country within its political boundary, within a financial year. Thus, it will take all the goods and services produced in a year in the country into account.

Here, we have given two commodities hotdogs and hamburgers. Both are commodities are produced by the economy, thus both are contributors to the GDP of the economy. The price of hotdogs is $2 and that of hamburgers is $4. We have to calculate how many hamburgers will equal the contribution of 30 hotdogs.

Option (b):

The quantity of hamburgers which equals the contribution from 30 hotdogs can be calculated by multiplying the 30 hotdogs with their per-unit price and dividing the product with the price of Hamburgers as follows:

Quantity of Hamburgers=Quantity of Hotdog×Per unit pricePer unit price of Hamburgers=30×24=604=15

Thus, 15 hamburgers contribute the same amount as 30 hotdogs. Since option ‘b’ gives the correct value equal to that of the calculated value, option ‘b’ is correct.

Option (a):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of hamburgers is only 15. Since the value of 5, given in option ‘a’, is less than the actual calculated value, option ‘a’ is incorrect.

Option (c):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of Hamburgers is only 15. Since the value of 30, given in option ‘c’, is twice of the calculated actual value, option ‘c’ is incorrect.

Option (d):

It is calculated that 15 hamburgers contribute the same to the GDP as 30 hotdogs. Here, the given value is 60, which is four times higher than the calculated value. This means that option ‘d’ is also incorrect.

Economics Concept Introduction

Concept introduction:

GDP (gross domestic product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Answer 6

Chapter 10, Problem 1CQQ

To determine

The contribution to GDP.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

GDP is the summation of money value of all the goods and services that are produced by the country within its political boundary, within a financial year. Thus, it will take all the goods and services produced in a year in the country into account.

Here, we have given two commodities hotdogs and hamburgers. Both are commodities are produced by the economy, thus both are contributors to the GDP of the economy. The price of hotdogs is $2 and that of hamburgers is $4. We have to calculate how many hamburgers will equal the contribution of 30 hotdogs.

Option (b):

The quantity of hamburgers which equals the contribution from 30 hotdogs can be calculated by multiplying the 30 hotdogs with their per-unit price and dividing the product with the price of Hamburgers as follows:

Quantity of Hamburgers=Quantity of Hotdog×Per unit pricePer unit price of Hamburgers=30×24=604=15

Thus, 15 hamburgers contribute the same amount as 30 hotdogs. Since option ‘b’ gives the correct value equal to that of the calculated value, option ‘b’ is correct.

Option (a):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of hamburgers is only 15. Since the value of 5, given in option ‘a’, is less than the actual calculated value, option ‘a’ is incorrect.

Option (c):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of Hamburgers is only 15. Since the value of 30, given in option ‘c’, is twice of the calculated actual value, option ‘c’ is incorrect.

Option (d):

It is calculated that 15 hamburgers contribute the same to the GDP as 30 hotdogs. Here, the given value is 60, which is four times higher than the calculated value. This means that option ‘d’ is also incorrect.

Economics Concept Introduction

Concept introduction:

GDP (gross domestic product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Answer 7

Chapter 10, Problem 1CQQ

To determine

The contribution to GDP.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

GDP is the summation of money value of all the goods and services that are produced by the country within its political boundary, within a financial year. Thus, it will take all the goods and services produced in a year in the country into account.

Here, we have given two commodities hotdogs and hamburgers. Both are commodities are produced by the economy, thus both are contributors to the GDP of the economy. The price of hotdogs is $2 and that of hamburgers is $4. We have to calculate how many hamburgers will equal the contribution of 30 hotdogs.

Option (b):

The quantity of hamburgers which equals the contribution from 30 hotdogs can be calculated by multiplying the 30 hotdogs with their per-unit price and dividing the product with the price of Hamburgers as follows:

Quantity of Hamburgers=Quantity of Hotdog×Per unit pricePer unit price of Hamburgers=30×24=604=15

Thus, 15 hamburgers contribute the same amount as 30 hotdogs. Since option ‘b’ gives the correct value equal to that of the calculated value, option ‘b’ is correct.

Option (a):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of hamburgers is only 15. Since the value of 5, given in option ‘a’, is less than the actual calculated value, option ‘a’ is incorrect.

Option (c):

The price of hamburgers is twice as that of hotdogs. This means that the quantity of hamburgers required to contribute the same amount as 30 hotdogs will be half of the quantity of hotdogs, as calculated above. Thus, the required quantity of Hamburgers is only 15. Since the value of 30, given in option ‘c’, is twice of the calculated actual value, option ‘c’ is incorrect.

Option (d):

It is calculated that 15 hamburgers contribute the same to the GDP as 30 hotdogs. Here, the given value is 60, which is four times higher than the calculated value. This means that option ‘d’ is also incorrect.

Answer 12

Economics Concept Introduction

Concept introduction:

GDP (gross domestic product): Gross domestic product refers to the value of total goods and services produced in the given period of time within the boundaries.

Answer 13

Ch. 10.1 - Prob. 1QQ Ch. 10.2 - Prob. 2QQ Ch. 10.3 - Prob. 3QQ Ch. 10.4 - Prob. 4QQ Ch. 10.5 - Prob. 5QQ Ch. 10 - Prob. 1CQQ Ch. 10 - Prob. 2CQQ Ch. 10 - Prob. 3CQQ Ch. 10 - Prob. 4CQQ Ch. 10 - Prob. 5CQQ

The contribution to GDP .

The contribution to GDP.

Answer to Problem 1CQQ

Explanation of Solution

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Chapter 10 Solutions