Question 2. GDP and Measuring GDP (13 points) Consider the following situation: Suppose an economy has three firms a farmer, a distributor, and a restaurant. The farmer pays their workers $500 to grow organic beets and then sell the organic beets to the distributor, the restaurant, and household. The distributor hires workers and pay them $200 to + select the beets and sell the selected beets to the restaurant. The restaurant purchases beets from both the farmer and distributor, hires workers and pays them $250, and then produces beet salads which are sold to household Farmer Revenue Distributor Restaurant Household $800 from Revenue $1.500 Revenue $2,500 Wages from 950 Distributor from restaurant household Revenue $300 Wages $200 Wages $250 Profits from restaurant Revenue $100 Cost of Cost of from beets 800 beets 1500 household Wages $500 Profit 2 500 Profit 7 750 Beets 7100 Beet Salads 72500 Profit 7 700 $110 a) (3 points) Compute GDP using final product approach. Please clearly show your steps. b) (4 points) Compute GDP using value added approach. Please clearly show your steps. c) (4 points) Compute GDP using income approach. Please clearly show your steps d) (2 point) Compute GDP using expenditure approach. Please clearly show your steps Compare 1500 1500