This is a four part homework assignment. Part 1: There are two formulas for the Gross Domestic Product. The one used most often is the expenditure approach. It is given as follows: GDP = C + I + G + NX There are two formulas for the Gross Domestic Product. The one used most often is the expenditure approach. It is given as follows: GDP = C + I + G + NX Define the variables in the equation and give a specific example for each of them with the exception of GDP. Given the table below, what would the GDP be using the Expenditure approach? Note, there are more values given than needed to do the calculation. Dollars (millions) Gross private investments 148 Interest income 100 Business profits 150 Rental income 127 Depreciation 32 Indirect business taxes 124 Household consumption 300 Transfer payments 89 Wages 65 Government purchases 123 Net Foreign Factor Income 12 Exports 57 Imports 30 The other way to calculate the GDP is the Income Approach. In this approach you add up all the income that resulted from selling all final goods and services produced in a given year. That formula is written as: GDP = Income from Rent + Income from wages + income from interest + income from profit IF you would like, but not necessary, calculate the GDP using the Income formula. Although you will get similar answers, that is not always the case. Part 2: Place all items for Part 2 on the same graph. For each scenario below, state if there has been a