Calculate gdp with both product and income approaches, Microeconomics

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Calculate gdp with both product and income approaches

Robinson Crusoe produces upper-loop product of $1000. He pays $750 in wages, $125 in interest, and $75 in rent. What must his profit be? If three-fourths of Crusoe's output is consumed and the rest is invested, calculate Crusoland's GDP with both the product and the income approaches and show that they must agree exactly.

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Microeconomics: Calculate gdp with both product and income approaches

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Microeconomics: Calculate gdp with both product and income approaches

Reference No:- TGS061533

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Recent Questions Asked Microeconomics

Q : What is the amount of bad debts expense for that period

Q : Analysis of cost flows

Q : Distinction between accounting and economic profit

Q : What adjusting entry will hahn company make to record

Q : Calculate gdp with both product and income approaches

Q : Factory overhead calculation-allocation-analysis

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Q : What is the highest price

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Calculate gdp with both product and income approaches

Reference No:- TGS061533

Recent Questions Asked Microeconomics

Q : What is the amount of bad debts expense for that period

Q : Analysis of cost flows

Q : Distinction between accounting and economic profit

Q : What adjusting entry will hahn company make to record

Q : Calculate gdp with both product and income approaches

Q : Factory overhead calculation-allocation-analysis

Q : Elasticity of demand for memberships

Q : What is the highest price

Q : What is the most that farmer would pay to rent ten acres

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