Assume that a product has the following three stages of production: 
If the value-added tax (VAT) rate is 15%, what would be the VAT over all stages of production?
Definitions:
Purely Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product, leading to price takers on both sides of the market.
Imperfectly Competitive Market
A market structure where individual sellers have some control over the price of their goods due to product differentiation or other factors.
Total Product
The overall quantity of output that a firm produces, usually in relation to a given input of labor or capital.
Marginal Product
The additional output that results from adding one more unit of a specific input, holding all other inputs constant.
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