A farmer produces com, which is valued at $1.00. The corn is then sold to a miller, who turns it into cornmeal, which is valued at $2.00. The miller then sells the cornmeal to a bakery, which uses it to make cornbread, valued at $4.00. Finally, the bakery sells the cornbread to a grocery store, where it is sold to a consumer for $8.00. In the table below, show the value added at each stage of production, and the total value added to GDP. Firm Farmer Miller Baker Grocery Store Total Value Added to GDP Value Added 69 69 69

A farmer produces com, which is valued at $1.00. The corn is then sold to a miller, who turns it into cornmeal, which is valued at $2.00. The miller then sells the cornmeal to a bakery, which uses it to make cornbread, valued at $4.00. Finally, the bakery sells the cornbread to a grocery store, where it is sold to a consumer for $8.00. In the table below, show the value added at each stage of production, and the total value added to GDP. Firm Farmer Miller Baker Grocery Store Total Value Added to GDP Value Added 69 69 69

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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