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The table below describes a simple economy that produces wood and furniture with multiple stages in the production process First the timber company collects wood and sells it to the sawmill

The table below describes a simple economy that produces wood and furniture with multiple stages in the production process. First, the timber company collects wood and sells it to the sawmill. The sawmill converts the wood to lumber and sells part of it to the public as a final good and part to a furniture manufacturer. The furniture manufacturer uses the lumber to produce furniture that is sold as a final good to the public. Timber Company Sawmill Furniture Manufacturer $800 $2,000 $200 $1,300 $400 $500 $200 $200 $400 Revenues Wages Intermediate Goods $0 Profits $350 $50 What is the value of GDP in this economy?

Apr 06 2020 View more View Less

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