Which of the following statements is true? gdp includes spending on recreation and travel, but it does not cover leisure time. gdp does not include production that is exchanged in the market, but it does cover production that is not exchanged in the market. gdp does not include newly produced goods and services, but counts the buying and selling of previously existing assets gdp includes production that is not exchanged in the market

Producers can create their maximum combination of goods, s long as what?

If the demand for a pair of shoes is given by 2p + 5q = 200 and the supply function for it is p − 2q = 10, compare the quantity demanded and the quantity supplied when the price is $90. quantity demanded pairs of shoes quantity supplied pairs of shoes will there be a surplus or shortfall at this price? there will be a surplus. there will be a shortfall.

Suppose a ceiling fan manufacturer has the total cost function c(x) = 48x + 1485 and the total revenue function r(x) = 75x. (a) what is the equation of the profit function p(x) for this commodity? p(x) = (b) what is the profit on 35 units? p(35) = interpret your result. the total costs are less than the revenue. the total costs are more than the revenue. the total costs are exactly the same as the revenue. (c) how many fans must be sold to avoid losing money? fans