Assistance please: using the following information calculate the a. Gross Domestic Product at Market price using the income method b. National income using the expenditure method. I would appreciate it step by step so I can try to follow and understand.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter11: Price And Output Determination: Monopoly And Dominant Firms
Section: Chapter Questions
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Assistance please: using the following information calculate the a. Gross Domestic Product at Market price using the income method b. National income using the expenditure method. I would appreciate it step by step so I can try to follow and understand.
Particulars
Compensation of employees
Private final consumption expenditure
Net factor income from the rest of the world
Net fixed capital formation
Consumption of fixed capital
Indirect taxes
Current transfers from government to
households
Change in stock
Mixed income of the self employed
Government final consumption expenditure
Subsidies
Exports
Imports
Rent, Interest and Profits
$
500
1230
-(30)
140
80
175
30
70
660
140
300
100
300
Transcribed Image Text:Particulars Compensation of employees Private final consumption expenditure Net factor income from the rest of the world Net fixed capital formation Consumption of fixed capital Indirect taxes Current transfers from government to households Change in stock Mixed income of the self employed Government final consumption expenditure Subsidies Exports Imports Rent, Interest and Profits $ 500 1230 -(30) 140 80 175 30 70 660 140 300 100 300
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