Calculate the gdp of autoland using the final goods approach

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Reference no: EM13150845

Suppose that the economy of Autoland produces nothing but automobiles. Automobiles are made with tires, steel, and glass. The following activities were observed in 2012: A rubber importer sold $200,000 of rubber to a tire manufacturer. A tire producer sold $400,000 of tires to an automobile factory. An iron ore mine sold $1,500,000 of iron ore to a steel factory. A steel factory sold $2,000,000 of steel to a steel distributor. A steel distributor sold $3,000,000 of steel to an automobile factory. A glass factory sold $1,000,000 of glass to an automobile factory. An automobile factory sold $10,000,000 in automobiles to final consumers. Given these events, calculate the GDP of Autoland using a. the final goods approach. b. the value-added approach.

Reference no: EM13150845

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