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vladimir1956 [14]
3 years ago
15

A farmer grows a bushel of wheat and sells it to a miller for $1. The miller turns the wheat into flour and then sells the flour

to a baker for $3. The baker uses the flour to make bread and sells the bread to an engineer for $6. The engineer eats the bread. What is the value added by each person? What is the bread's contribution to gdp?
Business
1 answer:
SIZIF [17.4K]3 years ago
6 0

Answer: Value added by farmer = $1 Value added by miller = $2  Value added by the baker =  $3

GDP contribution is $6.

Explanation: GDP refers to the market value of final goods and services produced withing the national territory of a country.

Using the value added method, we can calculate GDP by summing up the value added at each level of production.

Value added by farmer = $1 Value added by miller = $3 -$1 = $2  Value added by the baker = $6 - $3 = $3

GDP = Value added by the farmer +Value added by the miller + Value added by the baker  = $1 + $2 +$3 =$6

Or

Using the expenditure approach, GDP is the market value of the final good sold to the customer.

GDP = Cost of bread to the engineer = $6

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