Give typed explanation MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold theselogs to MNLumber for $1,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for$5,000 to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $90 each.Instructions: Enter your responses as whole numbers.a. Complete the table below to calculate the value added by each firm.CompanyMNLogsMNLumberMNFurnitureRevenues$GDP increase in 2020: $Cost of purchased inputs$Value addedb. Suppose that all of these transactions took place in 2019. By how much did GDP increase because of these transactions?c. Suppose that MNLogs harvested the logs in October 2019 and sold them to MNLumber in December 2019. MNLumberthen sold the finished lumber to MNFurniture in April 2020 and MNFurniture sold all 100 tables during the rest of 2020. Byhow much did GDP increase in 2019 and 2020 because of these transactions?GDP increase in 2019: $

Gross domestic product (GDP) measures the money value of all final goods and services produced in an…

MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $5,000 to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $90 each. Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Company MNLogs MNLumber MNFurniture Revenues $ $ $ Cost of purchased inputs $ $ $ Value added $ $ $ b. Suppose that all of these transactions took place in 2019. By how much did GDP increase because of these transactions? $ c. Suppose that MNLogs harvested the logs in October 2019 and sold them to MNLumber in December 2019. MNLumber then sold the finished lumber to MNFurniture in April 2020 and MNFurniture sold all 100 tables during the rest of 2020. By how much did GDP increase in 2019 and 2020 because of these transactions? GDP increase in 2019: $ GDP increase in 2020: $

MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $1,500 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $5,000 to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $90 each. Instructions: Enter your responses as whole numbers. a. Complete the table below to calculate the value added by each firm. Company MNLogs MNLumber MNFurniture Revenues $ $ $ Cost of purchased inputs $ $ $ Value added $ $ $ b. Suppose that all of these transactions took place in 2019. By how much did GDP increase because of these transactions? $ c. Suppose that MNLogs harvested the logs in October 2019 and sold them to MNLumber in December 2019. MNLumber then sold the finished lumber to MNFurniture in April 2020 and MNFurniture sold all 100 tables during the rest of 2020. By how much did GDP increase in 2019 and 2020 because of these transactions? GDP increase in 2019: $ GDP increase in 2020: $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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