Suppose a gold miner finds a gold nugget and sells the nugget to a mining company for $400. The mining company melts down the gold, purifies it, and sells it to a jewelry maker for $700. The jewelry maker fashions the gold into a necklace that it sells to a department store for $1,100. Finally, the department store sells the necklace to a customer for $1,500. Instructions: Enter your answer as a whole number. As a result of these transactions, GDP increases by: $ 3700

Suppose a gold miner finds a gold nugget and sells the nugget to a mining company for $400. The mining company melts down the gold, purifies it, and sells it to a jewelry maker for $700. The jewelry maker fashions the gold into a necklace that it sells to a department store for $1,100. Finally, the department store sells the necklace to a customer for $1,500. Instructions: Enter your answer as a whole number. As a result of these transactions, GDP increases by: $ 3700

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 3.3IP

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