Question 2 [25 points}. Assume an economy.r with a coal producer1 a steel producer, and some consmners {there is no government}. In a given year, the coal producer produces 15 million tons of coal and sells it. for $5 per ton. The coal producer pays $55 million in wages to consumers. The steel producer uses 25 million tons of coal as an input into steel production, all purchased at $5 per ton. Of this1 15 million tons of coal come from the domestic coal producer and 1|] million tons are imported. The steel producer produces I'D million tons of steel and sells it for $25 per ton. Domestic consumers bu},r 3 million tons of steel, and 2 million tons are exported. The steel producer pays consumers $40 million in wages. All prots made by domestic producers are distributed to domestic consumers. Determine GDP using {a} The product approach (b) The expenditure approach (c) The income approach {d} 'What is GNP in this economy? Determine GNP and IGDP in the case where the coal producer is owned by foreigners1 so that the prots of the dommtic ooal producer go to foreigners and are not distributed to domestic consumers