he end of the year: you sell trees Lei cut down for $27,000; you pay Lei $15,000; and your saw is now worth $1,000. on this information, how much GDP has been created?
he end of the year: you sell trees Lei cut down for $27,000; you pay Lei $15,000; and your saw is now worth $1,000. on this information, how much GDP has been created?
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 2CQ
Related questions
Question
![At the beginning of the year, you have a saw worth $2,000 and a bunch of trees.
says it will pay you $4,000 to not cut down your trees.
Freaks4Environment
Instead, you hire Lei to use your saw to cut down all of the trees.
At the end of the year:
you sell trees Lei cut down for $27,000;
you pay Lei $15,000; and
your saw is now worth $1,000.
Based on this information, how much GDP has been created?
Round to two decimal places. Do not enter the currency symbol, but enter the negative sign if appropriate. If
your answer is -$1.125, enter -1.13.
27,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fec96c92b-6f3d-4438-ab12-92749402f946%2Fe2fe5f64-78cc-4175-8265-1db64954ab4f%2Fnzgg9gp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:At the beginning of the year, you have a saw worth $2,000 and a bunch of trees.
says it will pay you $4,000 to not cut down your trees.
Freaks4Environment
Instead, you hire Lei to use your saw to cut down all of the trees.
At the end of the year:
you sell trees Lei cut down for $27,000;
you pay Lei $15,000; and
your saw is now worth $1,000.
Based on this information, how much GDP has been created?
Round to two decimal places. Do not enter the currency symbol, but enter the negative sign if appropriate. If
your answer is -$1.125, enter -1.13.
27,000
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