Consider a simple economy that produces three different goods: wood, barrels, and whiskey. The saw mill pays its workers 200,000 to produce nicely cut wood. It sells its total output for 600,000. The cooper (barrel-maker) purchases wood worth 80,000 and pays her workers 500,000 to produce oak barrels. All the barrels are sold for 750,000 to the distiller, who uses the barrels to produce whiskey. The whiskey is then sold for 1,600,000. The distiller (a very nice old guy) pays his sole employee 200,000. Calculate GDP (show your calculations in as much detail as possible!) using a. The value-added approach

b. The final goods approach