6) The following table describes the economic activities of a hypothetical economy in a given vear. Calculate the value-added at each step of the economic activities and its contribution to GDP. Item Seller Buyer Price ($) Value added ($) Kilogram of Farmer Factory 6 Lemons Liter of lemon juice Factory Restaurant 10 Liter of lemon juice used as salad dressing Restaurant Consumers 16

6) The following table describes the economic activities of a hypothetical economy in a given vear. Calculate the value-added at each step of the economic activities and its contribution to GDP. Item Seller Buyer Price ($) Value added ($) Kilogram of Farmer Factory 6 Lemons Liter of lemon juice Factory Restaurant 10 Liter of lemon juice used as salad dressing Restaurant Consumers 16

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 1.2P

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Similar questions

Last year, a small nation with abundant forests cut down 200 worth of trees. It then turned 100 worth of trees into 150 worth of lumber. It used 100 worth of that lumber to produce $250 worth of bookshelves. Assuming the country produces no other outputs, and there are no other inputs used in producing trees, lumber, and bookshelves, what is this nations GDP? In other words, what is the value of the final goods the nation produced including trees, lumber and bookshelves?
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