Reference no: EM131238858
Consider a simple economy consisting of only four firms. Firm A, a mining enterprise, extracts iron ore. Firm B, a steelmaker, produces steel sheets. Firm C, a carmaker, makes automobiles while Firm D produces automobile tires. In 2011, Firm A extracts 50,000 tons of ore, valued at $200 per ton, using previously existing machinery. Firm B produces 10,000 tons of steel sheets, valued at $3,000 per ton, having bought and used all of the ore produced by Firm A. Firm C manufactured 5,000 vehicles and sold them all to households for $20,000 each, having purchased 8,000 tons of steel sheets from Firm B. In addition, Firm C imported 5,000 engines from a foreign subsidiary, each valued at $5,000, and purchased 20,000 tires from Firm D for $100 each. Firm D produced 100,000 tires valued at $100 each, but only sold 60,000 tires during 2011. Firm D purchased 2,000 tons of steel sheets from Firm B since all of their tires are steel belted radials. Calculate GDP in 2011 for this economy using the production (value added) approach. Also, calculate GDP in 2011 using the expenditure approach
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Consider simple economy consisting of only four firms
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