1. From the following description of a small economy determine the following: What is the value added by each member of the economy? What is the total produced by society (avoid double counting)? What is the value of the creative economy?

A company produces paint valued at $100

A company produces an easel valued at $50

A company produces four canvases valued at $25 each

A painter uses the paint, easel and all four canvases to produce four paintings each worth $150.

A museum buys two of these paintings to display. Their museum earns $800 in tickets.