What is the value added by all the firms A-E from the production of a product as described below?What did each firm add separately in value and what does it total?

Stage of production Sales value of product

Firm A $4,500

Firm B 8,600

Firm C 14,700

Firm D 20,100

Firm E 32,300

2. Identify at least four transactions and other variables which are not included in the Gross Domestic Product.

3. Which of the following are included and which are excluded in calculating this year's GDP?Explain in each instance.

(a) A monthly scholarship check received by an economics student

(b) The purchase of a new truck by a trucking company

(c) Government purchase of missiles from a private business

(d) The purchase of a used tractor by a farmer

(e) The value of the purchase of shares of Microsoft by an individual