Answered: he end of the year: you sell trees Lei…

he end of the year: you sell trees Lei cut down for $27,000; you pay Lei $15,000; and your saw is now worth $1,000. on this information, how much GDP has been created?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

At the beginning of the year, you have a saw worth $2,000 and a bunch of trees.
says it will pay you $4,000 to not cut down your trees.
Freaks4Environment
Instead, you hire Lei to use your saw to cut down all of the trees.
At the end of the year:
you sell trees Lei cut down for $27,000;
you pay Lei $15,000; and
your saw is now worth $1,000.
Based on this information, how much GDP has been created?
Round to two decimal places. Do not enter the currency symbol, but enter the negative sign if appropriate. If
your answer is -$1.125, enter -1.13.
27,000

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