Business, 12.02.2020 05:38 hhvgbv7147

Assume an economy with two rms. Firm A produces wheat and rm B produces bread. In a given year, rm A produces
50,000 bushels of wheat, sells 20,000 bushels to rm B at $3 per bushel, exports 25,000 bushels at $3 per bushel, and
stores 5,000 bushels as inventory. Firm A pays $50,000 in wages to consumers. Firm B produces 50,000 loaves of bread,
and sells all of it to domestic consumers at $2 per loaf. Firm B pays consumers $20,000 in wages. In addition to the
50,000 loaves of bread consumers buy from rm B, consumers import and consume 15,000 loaves of bread, and they pay
$1 per loaf for this imported bread. Calculate gross domestic product for the year using

(a) the product approach,
(b) the expenditure approach, and
(c) the income approach.

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Assume an economy with two rms. Firm A produces wheat and rm B produces bread. In a given year, rm A...

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