Suppose that furniture production encompasses the following stages:

Stage 1:

Trees are sold to lumber company.

$500

Stage 2:

Lumber is sold to furniture company.

$1,200

Stage 3:

Furniture company sells furniture to retail store.

$2,700

Stage 4:Furniture store sells furniture to consumer.$4,000

Instructions:Enter your responses rounded to the nearest whole number.

a. What is the value added at each stage?

Stage 1: $

Stage 2: $

Stage 3: $

Stage 4: $

b. How much does this output contribute to GDP?

$

c. How much would the output contribute to GDP if the furniture sold to the retail store were imported from Spain?

$