In $2019,$ Milky Ltd$.$ produced $1000$ liters of milk, and price of $1$ liter was equal to $100$ rubles. This company hired labor for $12000$ rubles, leased machines for $30000$ rubles, and paid land rent of $18000$ rubles. Milky Ltd$.$ sold all output to Way Ltd$.$ The latter company produced $1000$ kg of ice cream using this milk and imported chocolate from Switzerland for $20000$ rubles. Way Ltd$.$ paid $10000$ rubles for employees' activity and $30000$ rubles for leased machines. This producer of ice cream sold $800$ kg of ice cream for $300$ rubles per $1$ liter to Okidoki Inc. that is the large retailer. This outlet chain sold this product $-$ for final consumers $-$ for $500$ rubles per $1$ liter. The wage is $18000$ rubles, cost of leased machines $-13000$ rubles, cost of used land $9000$ rubles. Determine GDP via the Product, Expenditure and Income Approach!  

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To determine the GDP using the product expenditure and income approach we will first need to calcula... View the full answer