ECON 1P92 Lecture : chapter 20

37 views6 pages
elizabethkandelaki and 39709 others unlocked
ECON 1P92 Full Course Notes
4
ECON 1P92 Full Course Notes
Verified Note
4 documents

Document Summary

Many firms produce outputs that are used as inputs by other firms. Outputs of firms that are used as inputs by other firms. Outputs that are not used as inputs by other firms. Measures each firm"s contribution to total output. The amount of market value that is produced by that firm. Value added = revenue costs of intermediate goods and services. Produces steel that sells for : steel is the output. Steel company"s value added is - = . Total value added for a product equals final selling price of product. Shirt sells for , and sum of value added ( + + 15) equals . Also, value added = income to factors of production. Total value added in the economy is gdp: Three different ways of measuring national income: add up total value added from domestic production, add up the total expenditure on domestic output, add up the total income from domestic production.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions