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18 April, 17:11

Suppose that the total production of an economy consists of 4 oranges and 10 candy bars, each orange sells for $0.25, and each candy bar sells for $0.50. What is the market value of production in this economy?

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  1. 18 April, 19:35
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    Answer: $6

    Explanation:

    Total production of oranges = 4

    Total production of candy bars=10

    Each orange sells for=$0.25

    Total market value of orange production=price * quantity

    =$0.25*4

    =$1

    Each candy bar sells for = $0.50

    Total market value of candy bar production=price of candy bar * quantity of candy bar

    =$0.50 * 10

    =$5

    The economy produces oranges and candy bars.

    The total market value of production in the economy = Total market value of Orange production + Total market value of candy bar production

    =$1 + $5

    =$6
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