Determine the Amount Contributed to GDP from the Sale of 200,000

question 50

Essay

Determine the amount contributed to GDP from the sale of 200,000 copies of an album.Base your answer on the following information:
The artist receives $3 per album in royalties.
The producer sells each album to wholesalers for $10.
Wholesalers sold the album to retailers for an average price of $12 per album.
Retailers sold 200,000 album s to consumers for $15 per album.
Demonstrate how the value-added approach equals the final sales approach.