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Question 1

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$70.

The baker turns the wheat into cake, which she sells to consumers for $110. Consumers eat the cake. What is GDP in this economy?  Hint 110 Question 2 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 $75. The baker turns the wheat into cupcakes, which she sells to consumers for$170.

Consumers eat the cupcakes.

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