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How to you calculate it the income approach. For the expenditure approach, I got $11900. (b) Consider a simple closed economy with only three goods:

How to you calculate it the income approach. For the expenditure approach, I got $11900.

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(b) Consider a simple closed economy with only three goods: computers, computer chips, and strawberries. Note that: (A) all of the computer chips produced in the economy are purchased by firms producing computers. (B) The government provides an annual subsidy of 180 to the computer chip industry. (C) The machines used to make computer chips depreciate a total of f50 during the year. (D) All computers are purchased by households for home entertainment. The following table provides information on prices and output in two consecutive years: Product Price (Po) Quantity (Qo) Price (P1) Quantity (Q1) Computers f100.00 50 E110.00 100 Chips 175.00 50 E85.00 100 Strawberries $5.50 100 E6.00 150 Incomes in the current year are: Recipient Type of Income Amount Computers factory owners rent for factory E500 workers wages E1,500 owner of company profit E500 Computer Chips workers wages E6,000 owner of chip rent for machinery E1,000 presses owners of company profit E1,530 Strawberries owner of farm land rent for land E300 owner-operator proprietor's income E600 (i) Calculate nominal GDP in the current year using both the expenditure approach and the income approach

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