Question 1 of 4 > 3 Macmillan Learning Sizing Up the Economy Using GDP-End of Chapter Problem Dan spent $200 on a new computer monitor that he purchased from a local store. The local store had bought it from an area wholesaler for $150. The area wholesaler had bought it from the manufacturer for $85. The manufacturer bought raw materials that cost $10 to produce the monitor. For the raw-materials provider, the $10 was pure profit. This monitor also had cost the manufacturer $65 in wages, the area wholesaler $20 in wages, and the local store $15 in wages. Calculate how much GDP changed as a result of this purchase using each of the three ways to measure GDP. 80 F3 E a. First, calculate the change in GDP by adding up every dollar spent on final goods. b. Next, calculate the change in GDP by adding up every dollar's worth of output produced by detailing the value added at every stage of production. c. Finally, calculate the change in GDP by adding up every dollar of income earned. $ 4 FA R % 5 2 T 6 22 F6 Y & 7 g: F7 U * 8 $ 200 $ DII FB 1 200 ( 9 DD FO O ) 0 បទ៖ F10 P d F11 33 + 11 11 S F12

Question 1 of 4 > 3 Macmillan Learning Sizing Up the Economy Using GDP-End of Chapter Problem Dan spent $200 on a new computer monitor that he purchased from a local store. The local store had bought it from an area wholesaler for $150. The area wholesaler had bought it from the manufacturer for $85. The manufacturer bought raw materials that cost $10 to produce the monitor. For the raw-materials provider, the $10 was pure profit. This monitor also had cost the manufacturer $65 in wages, the area wholesaler $20 in wages, and the local store $15 in wages. Calculate how much GDP changed as a result of this purchase using each of the three ways to measure GDP. 80 F3 E a. First, calculate the change in GDP by adding up every dollar spent on final goods. b. Next, calculate the change in GDP by adding up every dollar's worth of output produced by detailing the value added at every stage of production. c. Finally, calculate the change in GDP by adding up every dollar of income earned. $ 4 FA R % 5 2 T 6 22 F6 Y & 7 g: F7 U * 8 $ 200 $ DII FB 1 200 ( 9 DD FO O ) 0 បទ៖ F10 P d F11 33 + 11 11 S F12

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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