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Assume an economy with a coal producer, a steel producer, and some consumers. (There is no government.) In a given year, the coal producer produces 10 million tonnes of coal and sells it for $8 per tonne. The coal producer pays $50 million in wages to consumers. The steel producer uses 35 million tonnes of coal as an input into steel production, all purchased at $8 per tonne. Of this, 10 million tonnes of coal comes from the domestic coal producer, and 25 million tonnes is imported. The steel producer produces 19 million tonnes of steel and sells it for $50 per tonne. Domestic consumers buy 16 million tonnes of steel, and 3 million tonnes are exported. The steel producer pays consumers $20 million in wages. All profits made by domestic producers are distributed to domestic consumers. a. Determine GDP using (i) the product approach, (ii) the expenditure approach, and (iii) the income approach (i) Using the product approach, the value added by the coal producer is $ million, the value added by the steel producer is $ million, and GDP in this economy is $ million. (ii) Using the expenditure approach, C = $ million, 1 =$ million, G=$ million, NX = $ million, and GDP in this economy is $ million (ili) Using the income approach, profits for the coal producer are $ million, profits for the steel producer are $ million, total wages are $ million, and GDP in this economy is $ million. b. The current account surplus is $ million c. GNP in this economy is $ million. In the case where the coal producer is owned by foreigners, so that the profits of the domestic coal producer go to foreigners and are not distributed to domestic consumers, GDP is $ million. In the case where the coal producer is owned by foreigners, so that the profits of the domestic coal producer go to foreigners and are not distributed to domestic consumers, GNP is $ million