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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 23
A small economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks. Calculate the value of this output at the following market prices:
• $1 per pound of food
• $20 per shirt
• $50,000 per house
• $20 per hour of medical services
• $1 million per automobile plant
• $500,000 per tank
• $1 per pound of food
• $20 per shirt
• $50,000 per house
• $20 per hour of medical services
• $1 million per automobile plant
• $500,000 per tank
Explanation
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Following are the final goods produced i...
Economics for Today 9th Edition by Irvin Tucker
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