6) The following table describes the economic activities of a hypothetical economy in a given year. Calculate the value-added at each step of the economic activities and its contribution to GDP. s ofal Item Seller Buyer Price ($) Value added ($) Kilogram of Lemons Liter of lemon juice Farmer Factory 6 Factory Restaurant 10 Liter of lemon juice used as salad dressing Restaurant Consumers 16

6) The following table describes the economic activities of a hypothetical economy in a given year. Calculate the value-added at each step of the economic activities and its contribution to GDP. s ofal Item Seller Buyer Price ($) Value added ($) Kilogram of Lemons Liter of lemon juice Farmer Factory 6 Factory Restaurant 10 Liter of lemon juice used as salad dressing Restaurant Consumers 16

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

Problem 7SCQ: Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at...

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Question

Can you explain the steps briefly please.

6) The foll owing table describes the economic activities of a hypothetical economy in a given year. Calculate
the value-added at each step of the economic activities and its contribution to GDP.
Item
Seller
Buyer
Price ($)
Value added ($)
Kilogram of
Lemons
Farmer
Factory
6
Liter of lemon
juice
Factory
Restaurant
10
Liter of lemon
juice used as
salad dressing
Restaurant
Consumers
16

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