Question: Could you please answer al the subquestions and explain them in detailed steps thank you. Given a country which manufactures steel, wheat, and oil. steel

Could you please answer al the subquestions and explain them in detailed steps thank you. Given a country which manufactures steel, wheat, and oil. steel sector produces $100,000 in revenue, spends $4,000 on oil, $10,000 on wheat, pays workers $80,000. The wheat sector produces $150,000 in revenue, spends $20,000 on oil, $10,000 on steel, and pays workers $90,000. The oil industry produces $200,000 in revenue, spends $40,000 on wheat, $30,000 on steel, and pays workers $100,000. There is no government, no exports nor imports, no industries accumulate or decumulate inventories. Output not sold to other sectors is sold as final goods.

  1. Organize all these given information in a table including revenue, sales, change inventory, expense, wage, other inputs, tax, profit, consumer wage income, profit distributed, government tax revenue and police wage.
  2. The government comes in and taxes oil producers $10,000, and distributes this revenue to workers. Recalculate GDP using the income approach.
  3. If government taxes oil producers $10,000, and uses the revenue to purchase steel. (Given total steel production unchanged.) Recalculate GDP.
  4. Now another scenario is wheat producer uses $10,000 of imported fertilizer. Output is unchanged. There are no exports. Again, calculate GDP using BOTH production and income methods. SHOW your calculations.

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