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 2018, Firm A extracts 50,000 tons of ore, valued at $100 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 $25,000 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 2018. Firm D purchased 2,000 tons of steel sheets from Firm B since all of their tires are steel belted radials.

Calculate GDP in 2018 for this economy using the production (value-added) approach.

Also, calculate GDP in 2018 using the expenditure approach.