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Oduvanchick
2 months ago
7

Consider the given simple economy. Sheepnip Co. makes sheep feed. Better-bald Inc. purchases sheep feed for the sheep it raises

and sells wool. Sweeter Sweaters Inc. makes and sells wool sweaters. Sheepnip Co. Better-bald Inc. Sweeter Sweaters Inc. Sheep feed $0 $2200 $0 Wool $0 $0 $3800 Wages $700 $300 $550 Interest payments $400 $100 $50 Rent $1000 $450 $500 Profits $100 $750 $800 What is the total payments (income) to factors of Better-bald Inc.? $ What is the total payments (income) to factors of Sweeter Sweaters Inc.? $ What is the GDP for this economy?
Business
1 answer:
Free_Kalibri [3.7K]2 months ago
8 0

Answer:

Explanation:

1. What are the total payments to the factors of production for Better-bald Inc.?

Total payments to Better-bald Inc. = Rent + Wages + Interest + Profits = 450 + 300 + 100 + 750 = $1600

2. What are the total payments to the factors of production for Sweeter Sweaters Inc.?

Total payments to Sweeter Sweater Inc = Rent + Wages + Interest + Profits = 500 + 550 + 50 + 800 = $1900

3. To compute GDP using the income approach, we must add up the payments to production factors made by businesses that utilize these factors.

The economy in question consists of three businesses: Better-bald, Sweeter Sweaters, and Sheepnip. Payments to factors have already been calculated for two of them, so we need to find that for Sheepnip Co.

Payments by Sheepnip Co. = 700 + 400 + 1000 + 100 = $2200

Therefore, GDP = $1600 + $1900 + $2200 = $5700

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