a. What is the value added at each stage? Stage 1: $ Stage 2: $ Stage 3: $ Stage 4: $ b. How much does this output contribute to GDP?

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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S
Suppose that furniture production encompasses the following stages:
Stage 1: Trees are sold to lumber company.
Stage 2: Lumber is sold to furniture company.
Stage 3: Furniture company sells furniture to retail store.
Stage 4: Furniture store sells furniture to consumer.
Instructions: Enter your responses as a whole number.
a. What is the value added at each stage?
Stage 1: $
Stage 2: $
Stage 3: $
Stage 4: $
b. How much does this output contribute to GDP?
$
c. How much would this output contribute to GDP if the lumber were imported from Canada?
$
$800
$ 2,000
$5,000
$9,000
Transcribed Image Text:S Suppose that furniture production encompasses the following stages: Stage 1: Trees are sold to lumber company. Stage 2: Lumber is sold to furniture company. Stage 3: Furniture company sells furniture to retail store. Stage 4: Furniture store sells furniture to consumer. Instructions: Enter your responses as a whole number. a. What is the value added at each stage? Stage 1: $ Stage 2: $ Stage 3: $ Stage 4: $ b. How much does this output contribute to GDP? $ c. How much would this output contribute to GDP if the lumber were imported from Canada? $ $800 $ 2,000 $5,000 $9,000
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