8. The economy of Gill is primarily based on coconuts. Gill has three business enterprises, Mary- Ann's farm, which is a small business, Professorcom, Inc., which manufactures telecommunications equipment featuring coconut handsets and Ginger's Bar and Grill, a restaurant specializing in coconut entrees and drinks. Despite its appearance of rustic Gill authenticity, Ginger's is actually part of an Australian conglomerate. Mary-Ann's farm produces $5000 worth of coconuts, of which $1500 are sold to Ginger's, $2500 are sold to Professorcom to be used as components in telephones, and the remaining $1000 are exported. Professorcom manufactures $6000 worth of telephones, of which $2000 are sold to Gill residents, $3000 are exported and $1000 are sold to Ginger's where they are installed at tables so patrons can place orders by phone. Ginger's sells $5000 of food and drink to local residents. All three businesses hire local workers - Mary-Ann's farm pays $2300 in wages, Professorcom pays $1500 in wages and Ginger's wage bill is $2000. Local tycoon Mrs. Howell receives $300 in interest payments from Mary-Ann's farm and $800 in interest from Professorcom. Local resident Gilligan owns all the land and receives $900 in rent from Mary-Ann's, $600 from Professorcom and $500 from Ginger's. Ginger's reports $200 in depreciation and Professorcom has $400 in depreciation. Professorcom, which is owned by Gills, purchases a $3500 Italian-made precision coconut slicing machine for use in its factory. a) Calculate Gill's GDP using the (i) expenditure approach, (ii) income approach and (iii) value added approach. b) What is Gill's GNP and National Income