Question 1 (Activity 7.1)You have been employed as the chief economist for the economy UWI Land. The head statistician has provided you with the following information:Compensation of Employees 900Consumption of goods 850Corporate profits 400Rent Income 125Factor income paid to the world 325Consumption of services 475Factor Income received from the world 170 Residential investments 350Indirect taxes 775Non-residential investments 525Subsidies 125Government Expenditure 925Imports 700Exports 300Depreciation 120Net interest 75Proprietors income 300Calculate UWI Land's GDP using (1) the Income and (2) the Expenditure Approach Question 3ParticipantsCost ofValue ofMaterialsSalesFarmer$ 0$ 100Cone factoryand ice100250cream-makerMiddleperson250400Vendor400500(i) Calculate the value added at each stage of production(ii) Calculate the contribution to GDP from the good

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Question 3 Participants Cost of Value of Materials Sales Farmer $ 0 $ 100 Cone factory 100 250 and ice cream-maker Middleperson 250 400 Vendor 400 500 (i) Calculate the value added at each stage of production (ii) Calculate the contribution to GDP from the good

Question 3 Participants Cost of Value of Materials Sales Farmer $ 0 $ 100 Cone factory 100 250 and ice cream-maker Middleperson 250 400 Vendor 400 500 (i) Calculate the value added at each stage of production (ii) Calculate the contribution to GDP from the good

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter1: The Art And Science Of Economic Analysis

Section: Chapter Questions

Problem 4.7P

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