Reference no: EM133237101

Assume an economy with a coal producer, a steel producer, and some consumers [there is no government). In a given year, the coal producer produces 13 million tons of coal and sells it for $4 per ton. The coal producer pays $33 million in wages to its workers, and uses no intermediate inputs. The steel producer uses 33 million tons of coal as an input into steel production, all purchased at $4 per ton. {lut of the El] million tons of coal, 13 million tons of coal comes from the domestic coal producer and T million tons is imported. The steel producer produces 15 million tons of steel and sells it for $15 per ton. Domestic consumers buy l? million tons of steel, and 5 million tons are exported. The steel producer pays $35 million in wages. All pro?ts made by domestic producers are distributed to domestic consumers.

Determine GDP for this economy using [i] the product [value added} approach, {ii} the expenditure approach, and (iii) the income approach.