Consider an economy that produces only two goods: oil and gasoline. In this economy, the technology of producing gasoline involves using oil as an input. Olive's Oil is the only company that produces Oil, while George's Gasoline is the only producer gasoline. The relevant revenue and cost information for each of the two firms in the economy is given below:

Georges's

Revenue from selling gasoline:$5,100,000

Cost of buying fresh oil from Olive:1,500,000

Interest on funds borrowed to buy refinery:950,000

Wages paid to employees1,300,000

Taxes600,000

Olive's

Revenue from oil:$1,500,000

Rent on land (including mineral rights)450,000

Wages to employees550,000

Taxes400,000

Calculate nominal GDP using (a) the expenditure approach (b) the production (value added) approach, and (c) the income approach. (Hint: the three approaches give the same number for the Nominal GDP).