1. Consider the economy of Econland with only two companies. Cacao Beans Inc. is a farm...

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1. Consider the economy of "Econland" with only two companies. Cacao Beans Inc. is a farm that grows cacao beans. In addition, the Chocolate Corp. produces chocolate bars and hot chocolate drinks. Consider the following information and answer the questions below. Make sure to show all calculations to receive full credit! Just writing down the final answer will result into zero points! [9 points] ● Cacao Beans Inc. o O O Wages paid to employees Taxes paid to federal government Revenue received from selling cacao beans I Cacao beans sold to consumers Cacao beans sold to Chocolate Corp. ■ Chocolate Corp. o Wages paid to employees O Taxes paid to federal government O Beans purchased from Cacao Beans Inc. O Revenue received from selling chocolate bars O Revenue received from hot chocolate drinks b) Calculate GDP of Econland according to the expenditure approach [3 points] $6,000 $4,500 c) Calculate GDP of Econland according to the income approach [3 points] $16,500 $23,500 a) Calculate GDP of Econland according to the product (value added) approach [3 points] $16,500 $6,500 $23,500 $25,000 $45,000 1. Consider the economy of "Econland" with only two companies. Cacao Beans Inc. is a farm that grows cacao beans. In addition, the Chocolate Corp. produces chocolate bars and hot chocolate drinks. Consider the following information and answer the questions below. Make sure to show all calculations to receive full credit! Just writing down the final answer will result into zero points! [9 points] ● Cacao Beans Inc. o O O Wages paid to employees Taxes paid to federal government Revenue received from selling cacao beans I Cacao beans sold to consumers Cacao beans sold to Chocolate Corp. ■ Chocolate Corp. o Wages paid to employees O Taxes paid to federal government O Beans purchased from Cacao Beans Inc. O Revenue received from selling chocolate bars O Revenue received from hot chocolate drinks b) Calculate GDP of Econland according to the expenditure approach [3 points] $6,000 $4,500 c) Calculate GDP of Econland according to the income approach [3 points] $16,500 $23,500 a) Calculate GDP of Econland according to the product (value added) approach [3 points] $16,500 $6,500 $23,500 $25,000 $45,000

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a To calculate GDP of Econland according to the product value added approach we sum up the value add... View the full answer