Feb 3rd, 2012
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Aberystwyth University
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This file contains answers to the following questions some of which are given here i.e. Question:- A flour mill produces \$1000 worth of flour, of which \$700 goes to a bakery and \$300 to consumers. A water supplier produces \$300 worth of water, of which \$200 goes to the bakery and \$100 to consumers. The bakery produces \$1500 worth of bread and sells all of it to consumers. The three companies pay wages as follows: the mill pays \$400, the water supplier \$200 and the bakery \$200. There are no other costs of production. a. Calculate GDP based on the value of production. (2 marks) b. Calculate profits to the owners of each of the three companies. (6 marks) c. Calculate GDP based on income.

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