Explain measure of economic well-being

Assignment Help Microeconomics
Reference no: EM13187129

GDP does not include the value of used goods that are resold. Why would including such transactions make GDP a less informative measure of economic well-being?

Reference no: EM13187129

Questions Cloud

How long ago was the artifact made : A wooden artifact from an ancient tomb contains 60% of the carbon-14 that is present in living trees. How long ago was the artifact made? (The half-life of carbon-14 is 5730 years. Round your answer to the nearest whole number.)
What is the angle of the persons eyes to the top : A building 240 feet tall casts a 100 foot long shadow. If a person stands at the end of the shadow and looks up to the top of the building, what is the angle of the person's eyes to the top of the building (to the nearest hundredth of a degree)?
Accounting and consulting partnership : Hannah is a managing partner of Andrusian Worldwide LLP, an accounting and consulting partnership. Acting within her implied authority, Hannah makes a contract for Andrusian to perform an audit for National Motors Company.
What is delta s for the conversion of supercooled water : What is delta S for the conversion of 10 g of supercooled water at -10 degrees Celsius and 1 atm to ice at 10-10 degrees Celsius and 1 atm?
Explain measure of economic well-being : GDP does not include the value of used goods that are resold. Why would including such transactions make GDP a less informative measure of economic well-being
What type of decision is ken facing : For example, if Ken purchases a Sub 100 and if there is a favorable market, he will realize a profit of $300,000. On the other hand, if the market is un-favorable, Ken will suffer a loss of $200,000. But Ken has always been a very optimistic decis..
Develop a regression equation to forecast : Develop a regression equation to forecast the cost per gallon as a function of the number of gallons sold and estimate the manufacturing cost per gallon for a plant producing 325,000 gallons per year.
Describe how a domestic fast food chain with plans : Describe how a domestic fast food chain with plans for expanding into China would be able to use a forecasting model.
Find the slope of the tangent line to the curve : Use the limit definition of the derivative to find the slope of the tangent line to the curve f(x)=3x^2 at x=1

Reviews

Write a Review

Microeconomics Questions & Answers

  Define cost function-avg cost-marginal cost

what is the elasticity of substitution? if the production is Q= L ^1/2 K ^1/2. What is the total cost function ? What is marginal cost? What is average cost?

  What is the equation of budget line

What is the equation of his budget line and sketch the budget line and two possible indifference curves that Herbert

  Explain a production possibility curve

Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.

  Discuss the five economic principles

Select one principle and create an additional example that will help students understand that principle better. Based on the five economic principles discussed, give your opinion on the one which is the most important and useful concept in your lif..

  Consider the model of corruption

Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the  good in this context is given.

  Explaindifferences on excess quantity of labor supplied

Craft Unions Both industrial and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.

  Solve the partial derivative

Solve the partial derivative

  Find the equilibrium price combination

Assume that the market demand for bus rides is given through Q=420-30P and market supply of bus rides is given through Q=30P, where Q is bus rides each week in thousands

  Explain unemployment rate

At the same time the unemployment rate remained at 8.3%. Use your understanding of the labor market to explain how these two things could happen at the same time.

  Explain types of long run supply curves the real industries

Explain why governments sometimes impose a price ceiling in a competitive market and explain three types of long run supply curves using the real industries.

  Compute real gdp for each case

Using the production function shown above, compute real GDP for each case and capital is constant but labour is increasing. What property of the production function is displayed? Explain.

  What action should the city council take on bus fares

Suppose the City Council conducts an extensive review and finds that the information provided by the Executive Director of the MTA is more accurate. What action should the City Council take on bus fares and why?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd