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(15 points) Suppose the following is an exhaustive list of economic activity related to Hogsmeade in 2019 unless otherwise stated. Calculate 2019 Hogsmeade GDP and

(15 points) Suppose the following is an exhaustive list of economic activity related to Hogsmeade in 2019 unless otherwise stated. Calculate 2019 Hogsmeade GDP and provide justification for each step of your calculation. Hogsmeade is located in the UK.

(a) Zonko's Joke Shop located in Hogsmeade produces novelty items worth $5,000 to be sold in their stores. (b) Newt Scamander used $8,000 worth of herbs to produce $12,000 worth of elixir in Hogsmeade. $3,000 worth are sold to residents of Hogsmeade, and $7,000 worth are sold to students of Beauxbatons Academy of Magic located in France (different country). (c) Ollivander's produced $12,000 worth of wands in 2017 and sold $8000 worth to the Weasley Family in 2017, and $2,000 worth to Hermione Granger in 2019. Both are residents of Hogsmeade. (d) Newt produced $5,000 worth of Elixir in Durmstrang and sold it exclusively to residents of Durmstrang. Durmstrang is located in Bulgaria (different country). (e) The Ministry of Magic (government of Hogsmeade) buys $1,000 of timber from an American wand manufacturer to produce wands, and $4,000 worth of Spell-checking quills from a domestic producer named Weasley's Wizard Wheezes. (f) Hagrid, another resident of Hogsmeade, imported illegal magical creatures from Romania and spent $10,000 on them. The Ministry of Magic spent $6,000 to catch Hagrid and convict him of his crimes.

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