Reference no: EM131239429
Consider a simple economy consisting of only four firms. Firm A, a miningenterprise, extracts iron ore. Firm B, a steelmaker, produces steel sheets. Firm C,a carmaker, makes automobiles while Firm D produces automobile tires.In 2009, Firm A extracts 50,000 tons of ore, valued at $200 per ton, usingpreviously 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 FirmA. 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. Inaddition, 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 produced100,000 tires valued at $100 each, but only sold 60,000 tires during 2009. Firm D purchased 2,000 tons of steel sheets from Firm B since all of their tires are steelbelted radials
Calculate GDP in 2009 for this economy using the value added approach. Also, calculate GDP in 2009 using the expenditure approach. You need to show all ofyour work for full credit.
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