The table below shows the price of inputs and the price of outputs at each step in the production process of making a shirt. Assume that each of these steps takes place within the country. Cotton farmer Fabric naker Inputs Value of output $0 $1. 10 $1. 10 $3. 50 Seving and printing $3. 50 $18. 00 Instructions: Round your answers to the nearest cent. a. Using the standard expenditure method, the total contribution of this shirt to GDP is $[ 4.6 b. If we use the value-added method (i.e., summing the value added by producers at each step of the production process, which equals the price of inputs minus the price of outputs), the contribution of this shirt to GDP is $ c. If we mistakenly add the price of both intermediate goods and final outputs without adjusting for the value added, we would find that this shirt contributes $ to GDP.

The table below shows the price of inputs and the price of outputs at each step in the production process of making a shirt. Assume that each of these steps takes place within the country. Cotton farmer Fabric naker Inputs Value of output $0 $1. 10 $1. 10 $3. 50 Seving and printing $3. 50 $18. 00 Instructions: Round your answers to the nearest cent. a. Using the standard expenditure method, the total contribution of this shirt to GDP is $[ 4.6 b. If we use the value-added method (i.e., summing the value added by producers at each step of the production process, which equals the price of inputs minus the price of outputs), the contribution of this shirt to GDP is $ c. If we mistakenly add the price of both intermediate goods and final outputs without adjusting for the value added, we would find that this shirt contributes $ to GDP.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

I need help with 4 and 5
graph production cost increase and quantity decrease
Please pass question on to someone with more knowledge. I do not like using up my questions for wrong answers.
8 Write an email (120-150 words) to ask for • information about an activity that you would like to do. Use an idea from the list or your own idea. Follow the content checklist and remember to use indirect questions. a course at a college or with a one-to-one tutor a sport / activity at a gym joining a volunteering group Checklist • how you heard about the course / activity/group ⚫ the days and times ⚫ the cost if you need any experience / skills • if you need any equipment
difeerent between economic and economic scale
Why do people share content via social media channels? They find it interesting and/or entertaining. They think it can be helpful to others. They want to get a laugh. A & B Only. All of these.
Typed plz and asap please provide a quality solution for better ratings and take care of plagiarism
what is Capitalist culture? Typed and correct answer please. I ll rate
blanks C and D?