I need help with the scenario questions. 5% MINDAP Homework (Ch 02) http://ng.ce

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I need help with the scenario questions. 5% MINDAP Homework (Ch 02) http://ng.ce gage.com static bue orde htm?deploymentld 5636720790 401717919483 923&e , Based on this model, households earn income when firm purchase gods and services in factor markets. Suppose Megan earns $775 per week working as a corporate attorney for Rowan and Martin Associates. She uses $9 to have breakfa Diner. Dinah's Diner pays Larry $225 per week to work as a short-order cook. Larry uses S300 to purchase legal service from Rowan Associates. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Event Megan spends $9 to have breakfast. Larry spends $300 to purchase legal service from Rowan and Martin Associates. Megan earns $775 per week working for Rowan and Martin Associates Factor Market Product Market 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. a The $225 per week Lary earns working for Dinah's Diner Megan's labor O Type here to search Esc FS F6 F8 2 4 5 6 8

Explanation / Answer

(1)

(a) Megan spends $9 for breakfast - Product Market

(b) Larry spends $300 to purchase legal service - Product Market

(c) Megan earns $775 per week - Factor Market

(2) Out of give two scenarios, the following is a flow from household to firm:

- Megan's labor (which is an outflow of input from household to firm)

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