Suppose you are provided with the following information about an economy that consists of just three firms: STEEL COMPANY i. Revenues from sales Rs. 400 ii. Expenses (wages) Rs. 340 iii. Profits Rs. 60 CAR COMPANY i. Revenues from Sales Rs. 1000 ii. Expenses 1. wages Rs. 500 2. Steel Purchases Rs. 400 iii. Profits Rs. 100 SERVICING COMPANY i. Revenues from Sales Rs. 200 ii. Expenses (wages) Rs. 160 iii. Profits Rs. 40 (a). Compute the GDP in this economy using the following approaches: 1. Final goods approach 2. Value-added approach 3. Income approach

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