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Suppose that a farmer grows wheat, which she sells to a miller for $50.

The miller turns the wheat into flour, which she sells to a baker for $70.

The baker turns the wheat into bread, which she sells to consumers for $180.

Consumers eat the bread.

What is GDP in this economy?

Hint


Suppose that a farmer grows wheat, which she sells to a miller for $10

The miller turns the wheat into flour, which she sells to a baker for $60.

The baker turns the wheat into bread, which she sells to consumers for $150.

Consumers eat the bread.

1. What is the value added by the farmer?

$  

  Hint

2. What is the value added by the miller?

$  

  Hint

3. What is the value added by the baker?

$  

  Hint

4. What is the GDP in this economy using the value-added approach?

$  
Hint