Assume an economy with a coal producer, a steel producer, and some consumers (there is no government).

In a given year, the coal producer produces 13 million tons of coal and sells it for $4 per ton.

The coal producer pays $32 million in wages to its workers, and uses no intermediate inputs.

The steel producer uses 20 million tons of coal as an input into steel production, all purchased at $4 per ton.

Out of the 20 million tons of coal, 13 million tons of coal comes from the domestic coal producer and 7 million tons is imported.

The steel producer produces 15 million tons of steel and sells it for $15 per ton.

Domestic consumers buy 10 million tons of steel, and 5 million tons are exported.

The steel producer pays $35 million in wages.

All profits made by domestic producers are distributed to domestic consumers.

Determine each GDP for this economy using

(i) the product (value added) approach

(ii) the expenditure approach

(iii) the income approach

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