, MidTap . Cengage Learning ,cG Consider The Following Prod Secure atic/nb/ui/ev
ID: 1133188 • Letter: #
Question
, MidTap . Cengage Learning ,cG Consider The Following Prod Secure atic/nb/ui/evo/lindex.htmi?deploymentld 5672311889504056847387188409BeiSe Apps W Elearning D wwu email W wMu login Welcome to Gamm...MConnectGoogle Docs Alphs Chi Omega MINDTAP a search this course uiz 1 (ch 1 &2) Markets for Factors of Production Based on this model, households earn income when households purchase goods and services in factor markets Suppose Susan earns $600 per week working as jeweiry appraiser for Classy's Jewelry Store. She uses $9 to order a mojito cocktail at Little Havarn ittle Havana pays Raphael $200 per week to wait tables. Raphael uses $200 to purchase neckiace from Classy's Jewelry Store ldentify whether each of the following events in this scenario occurs in the factor market or the product market Factor Market Product Market Event Raphael spends $200 to purchase necklace from Classy's Jewelry Store. Raphael earns $200 per week working for Little Havana. Susan spends $9 to order a mojito cocktail. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all thad The $200 per week Raphael earns working for Little Havana 8 2 3 4 5 6Explanation / Answer
The given question is :
Suppose Susan earns $600 per week working as jewellery appraiser for Classy's Jewellery Store. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Raphael $200 per week to wait tables. Raphael uses $200 to purchase necklace from Classy's Jewellery Store.
Thus , identifying the events we get :
This event occurs in the Product market .
( Raphael works at Little Havana which is her factor market and earns her income. She spends her income on buying jewellery, which is her product market)
This event occurs in the Factor market .
( Raphael works at Little Havana which is her factor market and earns her income. She spends her income on buying jewellery, which is her product market)
This event occurs in the Product market.
( Susan earns $600 per week working as jewellery appraiser for Classy's Jewellery Store. She uses $9 to order a mojito cocktail at Little Havana. Susan's working at a jewellery store is an event in a factor market and her buying of a mojito cocktail is an event of the product market)
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.