An Economy is composed of a Producer of Apples, a Producer of Bananas, a Grocery Store, Consumers, and the Government. Producers of Apples and producers of bananas sell some of their output to the grocery store, and some directly to consumers. Producers of apples and bananas also have some loans, which they owe to consumers, and pay some interest on them. The government collects taxes and spends them on miliary personnel, which appear as wages. The following tables contain the relevant data for all of them to calculate GDP, except for consumers: Apples Producers Total Revenues Wages Interest on Loan Тахes 100 10 10 Bananas Producers Total Revenues 200 15 Wages Interest on Loan Taxes 20 Grocery Store Cost of Apples Cost of Bananas Wages Taxes Revevenues 50 50 40 10 200 Government Taxes 50 Wages 50 Calculate GDP in the economy (you can use any approach you want).

An Economy is composed of a Producer of Apples, a Producer of Bananas, a Grocery Store, Consumers, and the Government. Producers of Apples and producers of bananas sell some of their output to the grocery store, and some directly to consumers. Producers of apples and bananas also have some loans, which they owe to consumers, and pay some interest on them. The government collects taxes and spends them on miliary personnel, which appear as wages. The following tables contain the relevant data for all of them to calculate GDP, except for consumers: Apples Producers Total Revenues Wages Interest on Loan Тахes 100 10 10 Bananas Producers Total Revenues 200 15 Wages Interest on Loan Taxes 20 Grocery Store Cost of Apples Cost of Bananas Wages Taxes Revevenues 50 50 40 10 200 Government Taxes 50 Wages 50 Calculate GDP in the economy (you can use any approach you want).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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