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Q5: The Income Approach a) (4pt) For the fictional economy of Concordistan, we have income information for the year 2020. Calculate GDP according to the Income Approach using the following information: Wages, Salaries, and Benefits amount to $13500 A total of $4500 of Net-Profits were generated Total interest payments are $3200 Rent payments were $2600 Depreciation Expense is $1500 The government collected a total of $2200 in taxes and gave a total of $450 in subsidies . Concordistan is an isolationist economy! No foreign income was generated by Concordistan's residents. Neither was any income paid to foreigners. b) (2pt) Very briefly explain why it is not enough to only look at Factor Incomes and why we have to account for Net-Taxes (Taxes - Subsidies) and Depreciation to arrive at GDP using the Income Approach. (1-3 sentences) (You are permitted to use an example to illustrate your answer)