During a given year, the following activities occur: i. A silver mining company pays its workers...

 

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During a given year, the following activities occur: i. A silver mining company pays its workers $250,000 to mine 75 pounds of silver. The silver is then sold to a jewelry manufacturer for $315,000. ii. The jewelry manufacturer pays its workers $275,000 to make silver necklaces, which the manufacturer sells directly to consumers for $1,100,000. a. What is the value added ($) created by the jewelry manufacturer? b. What is the total profit ($) of both firms? c. What is GDP ($)? ✓a. The value added ($) created by the jewelry manufacturer I. $1,415,000 b. The total profit ($) of both firms II. $765,000 ✓c. GDP ($) III. $785,000 IV. $555,000 V. $985,000 VI. $775,000. VII. $1,100,000 VIII. $575,000 IX. $565,000 During a given year, the following activities occur: i. A silver mining company pays its workers $250,000 to mine 75 pounds of silver. The silver is then sold to a jewelry manufacturer for $315,000. ii. The jewelry manufacturer pays its workers $275,000 to make silver necklaces, which the manufacturer sells directly to consumers for $1,100,000. a. What is the value added ($) created by the jewelry manufacturer? b. What is the total profit ($) of both firms? c. What is GDP ($)? ✓a. The value added ($) created by the jewelry manufacturer I. $1,415,000 b. The total profit ($) of both firms II. $765,000 ✓c. GDP ($) III. $785,000 IV. $555,000 V. $985,000 VI. $775,000. VII. $1,100,000 VIII. $575,000 IX. $565,000

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a The value added by the jewelry manufacturer is the difference between its sales revenue and the co... View the full answer