Assume an economy with two firms. Firm A produces wheat and firm B produces bread. In a givenyear, firm A produces 6500 tonnes ofwheat, sells 2500 tonnes of wheat to firm B at $20 pertonne, exports 3000 tonnes of wheat at $20 pertonne, and stores 1000 tonnes as inventory. Firm A pays $60,000 in wages to consumers. Firm B produces 70,000 loaves of bread and sells all of it to domestic consumers at $2 per loaf. Firm B pays consumers $20,000 in wages. In addition to the 70,000 loaves of bread consumers buy from firmB, consumers import and consume 10,000 loaves ofbread, and they pay $1 per loaf for this imported bread. Calculate gross domestic product using(a) the product approach, (b) the expenditure approach, and(c) the income approach

a. Using the productapproach, the value added

by firm A is $

, the value added by firm B is $

, and GDP in this economy is $

b. Using the expenditureapproach, C=$

, I=$

, G=$

, NX=$

, and GDP in this economy is $

c. Using the incomeapproach, profits for firm A are $

, profits for firm B are $

, total wages are $

, and GDP in this economy is $

.