. The following Table summarizes economic activities taking place in the economy where two firms (Grapeco and Juiceco) operate. All products produced in the economy are sold and consumed. Grapeco Activities Wages paid to Grapeco employees N$15,000 Taxes paid to government N$5,000 Revenue received from sale of grapes N$35,000 Grapes sold to public N$10,000 Grapes sold to Juiceco N$25,000 Juiceco Activities Wages paid to Juiceco employees N$10,000 Taxes paid to government N$2,000 Grapes purchased from Grapeco N$25,000 Revenue received from sale of Grape juice N$40,000 a) State the fundamental identity of national income accounting and why does this identity hold? [5] b) What is gross domestic product (GDP)? [3] c) Using information in the Table, compute the GDP using the product approach. [7] (d) Compute the GDP using the income approach. [7]