1. (9 points) Measuring Aggregate Output Consider an economy with three firms and many consumers. The three firms are owned by Bruno the cotton farmer, Olivia the sweater maker, and Kenji the retailer. Each of them keep all profits for their business. This year Bruno harvested 80 tons of cotton, which he sold to Olivia for $1,740 each. Bruno employed workers who earned $70,000 in wages. Olivia used the cotton to produce 13,000 sweaters. She sold 10,000 to Kenji for $15 each, and exported the remaining 3,000 at $25 each. Olivia paid her workers wages totaling $60,000. Kenji sold the 10,000 sweaters for $25 each through their chain of Sweaters Club. Kenji paid a total of $80,000 in wages to their workers. You can ignore all capital expenses (like the costs for equipment, buildings, etc.). Finally, consumers in this economy also import Canadian mittens valued at $55,000 to pair with their sweaters. Note that all workers are also consumers in this economy. Show your work on all parts below! a. (3 points) Calculate total value added for each of the three firms separately. b. (3 points) Calculate total profits for each of the three firms separately. c. (1 point) Calculate gross domestic product for this economy using the product ap- proach. d. (1 point) Calculate gross domestic product for this economy using the expenditure approach. e. (1 point) Calculate gross domestic product for this economy using the income ap- proach. (5