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Business, 08.10.2020 14:01 ronniethefun

A farmer grows wheat, which she sells to a miller for $70. The miller turns the wheat into flour, which she sells to a baker for $120. The baker turns the wheat into bread, which she sells to consumers for $135. Consumers eat the bread. Assume that these transactions account for all economic activity in this economy. GDP in this economy is $ . Value added is defined as the value of a producer's output minus the value of the intermediate goods that the producer buys to make the output.

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A farmer grows wheat, which she sells to a miller for $70. The miller turns the wheat into flour, wh...
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