Assume the following data is given for an economy. There are two factories in the economy....

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Assume the following data is given for an economy. There are two factories in the economy. Factory 1 produces oranges and Factory 2 produces orange juice. In both periods 1 and 2, Factory 1 produces 10,000 oranges per period. In period 1, 3,000 oranges are sold to the public for a price of $2 per orange and 7,000 oranges are sold to Factory 2 at the same price. In the same period the public only consumes 2,000 oranges while Factory 2 uses all its purchased oranges to make orange juice. One orange produces 250 ml of juice and juice sells for $20 per liter. Factory 2 only sells half of its juice to the public and stores the rest for the next time period. In period 2, it produces juice using 10,000 new oranges (i.e. it purchases all of Factory 1's oranges produced in period 2). The public consumes the 1,000 oranges they have left over from period 1. The juice produced in period 2 and that from Factory 2's stock is sold at the same price in the market. (a) Find the GDP of the economy using the product and expenditure approaches by treating unsold juice as inventory (both for periods 1 and 2). (b) What if the juice unsold is recorded as a capital good? Assume the following data is given for an economy. There are two factories in the economy. Factory 1 produces oranges and Factory 2 produces orange juice. In both periods 1 and 2, Factory 1 produces 10,000 oranges per period. In period 1, 3,000 oranges are sold to the public for a price of $2 per orange and 7,000 oranges are sold to Factory 2 at the same price. In the same period the public only consumes 2,000 oranges while Factory 2 uses all its purchased oranges to make orange juice. One orange produces 250 ml of juice and juice sells for $20 per liter. Factory 2 only sells half of its juice to the public and stores the rest for the next time period. In period 2, it produces juice using 10,000 new oranges (i.e. it purchases all of Factory 1's oranges produced in period 2). The public consumes the 1,000 oranges they have left over from period 1. The juice produced in period 2 and that from Factory 2's stock is sold at the same price in the market. (a) Find the GDP of the economy using the product and expenditure approaches by treating unsold juice as inventory (both for periods 1 and 2). (b) What if the juice unsold is recorded as a capital good?