Using the production gof final goods approach

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Reference no: EM13868570

The car company pays 40,000 to the steel company to buy the steel and pays its workers 40,000 to make the cars, which were then sold to consumers for 120,000.

a. Using the production gof final goods approach, how much is the GDP in this economy?

b. How much is the value added at each stage of production? Using the value added approach, how much is the GDP?

Reference no: EM13868570

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