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In the small country of Eurasia people do salmon fishing, they produce canoes and also grow corns. In 2003, they produced 5000 canoes using labour
In the small country of Eurasia people do salmon fishing, they produce canoes and also grow corns. In 2003, they produced 5000 canoes using labour and natural materials only, but sold only 4000, as the economy entered recession. The cost of producing each canoe was $1000, but the ones that were sold were priced at $1250. They fished $30 million worth of salmon. They used $3 million of the salmon as fertilizer for corn. They grew and ate $55 million of corn. What was Eurasia's GDP in 2003? Explain your methodology.
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