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Suppose that when the price of gold is $100 an ounce, gold producers find it unprofitable to sell gold. However, when the price is $200 an ounce, 5000 ounces of output (production) is profitable. At $300, a total of 10,000 ounces of output is profitable. Similarly, total production increases by 5000 ounces for each sucessive $100 increase in the price of gold. Describe the relevant relationship between the price of gold and the production or gold in words, in a table, and on a graph. Put the price of gold on the vertical axis and the output on the horizontal axis. Comment on the advantages and disadvantages of the verbal, tabular, and graphical forms of description.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9478061

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