Assume a Simple Economy with No Government and No Foreign

question 148

Essay

Assume a simple economy with no government and no foreign trade.The firm produces 100 units of output,sells 80 to consumers for a price of $1,and adds the remaining 20 to its inventory at a price of $0.75.Each unit costs $0.75 to produce,which is equal to the labor cost.There are no other costs associated with production.
(A)Name three ways you could measure GDP from these data.
(B)Show how you would perform each calculation.

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