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One day, Barry the Barber, Inc., collects $400 for haircuts. Over this day, his equipment depreciates in value by $50. Of the remaining $350, Barry sends $30 to the government in sales taxes, takes home $220 in wages, and retains $100 in his business to add new equipment in the future. From the $220 that Barry takes home, he pays $70 in income taxes. Based on this information, compute Barry’s contribution to the following measures of income. a. gross domestic product b net national product c national income d personal income e. disposable personal income
Principles of Economics (MindTap C...
Solutions
Principles of Economics (MindTap C...
One day, Barry the Barber, Inc., collects $400 for haircuts. Over this day, his equipment depreciates in value by $50. Of the remaining $350, Barry sends $30 to the government in sales taxes, takes home $220 in wages, and retains $100 in his business to add new equipment in the future. From the $220 that Barry takes home, he pays $70 in income taxes. Based on this information, compute Barry’s contribution to the following measures of income.
a. gross domestic product
b net national product
c national income
d personal income
e. disposable personal income
Sub part (a):
Explanation of Solution
The GDP is the summation of the money value of all the goods and services produced within the political boundary of a country within a financial year. The expenditure is a main part of the GDP consideration because all the expenditures turn out to be someone's income which can be calculated in the GDP...
Sub part (b):
Sub part (c):
Sub part(d):
Sub part (e):
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