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From the following description of a small economy determine the following: What is the value added by each member of the economy? What is the

From the following description of a small economy determine the following: What is the value added by each member of the economy? What is the total produced by society (avoid double counting)? What is the value of the creative economy?

  • A company produces paint valued at $100
  • A company produces an easel valued at $50
  • A company produces four canvases valued at $25 each
  • A painter uses the paint, easel and all four canvases to produce four paintings each worth $150.
  • A museum buys two of these paintings to display. Their museum earns $800 in tickets.

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