Question

Table 1 Production Function and Demand for Labor Schedules Real GDP (billions of 2009 dollars) Quantity of labor dernanded (bilions of hours per year Real GDP billions of 2009 dollars) Real wage rate (2009 dollars per hour) 0 35 50 25 15 5 401 Table 2 Supply of Labor Schedule Quantity of labor supplied bilions of hours per year) Real wage rate (2009 dollars per hour 15 25 20- Use the information in the schedules above to draw this economy's production function. Label it Draw a point to show equilibrium employment and potential GDP At the full-employment quantity of labor, the real wage rate is an hour. Labor (billions of hours per year)

2

Don't do the first one, do the second one plz

Answer 1

Ans.2. 1. A is a final good that is government expenditure, B is a final good that is consumption expenditure, C is an intermediate good, and D is a final good that is an investment.

A. The purchase of a new aircraft is a final good and that is the component of government expenditure because it is purchased for the services of Vice-president

B. A DVD bought by a household is final good and is the component of consumption expenditure because it is purchased by the household for final consumption.

C. Aluminum sheet bought by Boeing is the intermediate good because Boeing will use it for the further production purpose.

D. Purchase of a new airplane is the final good and component of investment expenditure made by the United Airline because it will use for the airline services for the long run.