Question
Suppose a small European country produces three goods - wine, cigars and cameras. In a given year the country produces 1 million litres of wine
Suppose a small European country produces three goods - wine, cigars and cameras. In a given year the
country produces 1 million litres of wine at 2 per litre, 10 million cigars at 0.50 per cigar and 500,000
cameras at 100 per camera. What is the country's aggregate output in that year?
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Managerial Economics and Business Strategy
Authors: Michael R. baye
7th Edition
978-0073375960, 71267441, 73375969, 978-0071267441
