Calculate the contribution to gdp

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Reference no: EM1312556

Q1. Calculate the contribution to GDP that would be the result of every of the following transactions (Elucidate how much would every transaction add to GDP, if comprised in GDP computation) the government matters a social security check for $1,250 (ignore the administrative costs of issuing the check.)
Q2. Suppose: S(P^-) = 50+3P^- also D(P^+) = 370 - P^+ also there is a sales tax of 20%

Calculate the equilibrium buyers' also sellers' price with no sales tax also then with the 20% tax Supposed above.

Elucidate how your answers for question 2 also illustrates the principle that the less responsive side of the marketplace (with a smaller price coefficient) will pay more than half the total cost of a sales tax.

Reference no: EM1312556

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