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In the small island of Ecomepia, people do shark fishing, they produce canopy tents and also grow rice. In 2019, they produced 10000 tents using
In the small island of Ecomepia, people do shark fishing, they produce canopy tents and also grow rice. In 2019, they produced 10000 tents using labour and natural materials only, but sold only 7500, as the economy entered a slowdown. The cost of producing each tent was $2000, but the ones that were sold were priced at $1950. They fished $55 million worth of shark. They used $3 million of the shark as fertilizer for rice. They exported $60 million of rice. What was Ecomepia's GDP in 2019? Explain your methodology.
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