2. (25 points) The bikes of Econoland are produced by Bike Co., which produced 30 bicycles at a price of $10 per bike. The cost of producing each bike was $8 and was split between labor costs ($5 per bike) and parts ($3 per bike). Bike Co. sources its parts entirely from Parts Co.. Parts Co. has $60 worth of costs which entirely consist of wages. Assume that both Bike Co. and Parts Co. are located in Econoland and use domestic labor. (a) Using the Expenditure approach compute the total contribution of Bike Co. and Parts Co. to the GDP of Econoland. (b) Repeat the same exercise with the Product approach. (c) Repeat the same exercise using the Income approach. Now suppose that Part Co. is a foreign owned company, located in a foreign country, and uses entirely foreign labor. J Pdf Using the Product approach compute the total contribution of Bike Co. to the GDP of Econoland. (e) Repeat the same exercise with the Expenditure approach. (Hint: think about net exports). J Of Repeat the same exercise using the Income approach. J