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5. Consider the country of Tanos, which has (1) A Coal Producer (i1) A Steel Producer (i11) Consumers (iv) No government Each year: e The
5. Consider the country of Tanos, which has (1) A Coal Producer (i1) A Steel Producer (i11) Consumers (iv) No government Each year: e The coal producer produces 15 million tons of coal and sells it for $5/ton. e The coal producer pays $50 million in wages to consumers. e The steel producer uses 25 million tons of coal as an input into steel production, all purchased at $5/ton. Of this, 15 million tons of coal comes from the domestic coal producer and 10 million tons are imported. e The steel producer produces 10 million tonnes of steel and sells it for $20/ton. Domestic consumers buy 8 million tons of steel and export 2 million tons. The steel producer pays consumers $40 million in wages. All profits made by domestic producers are distributed to domestic consumers. Determine GDP using the (1) Product Approach (6 points) (ii) Income Approach (6 points) (iii) Expenditure Approach (6 points)
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