Question: Refer to the below table for Question 1 to 3: 1. What is the final value of the product? 2. What is the value added

Refer to the below table for Question 1 to 3:
1. What is the final value of the product?
2. What is the value added at each stage of production as described below?
3. How is the final value of the product and these values of "value added" related to each other?
4. Which of the following are included and which are excluded in calculating this year's GDP? Explain in each case.
(a) Social Security checks received by a retired person
(b) The purchase of a new truck by a trucking company
(c) Government purchase of missiles from a private business
Stage of productionSales value of productFirm A$4,500Firm B$8,600Firm C$14,700Firm D$20,100Firm E$32,300(d) The purchase of a used tractor by a farmer
(e) The value of the purchase of shares of Microsoft by an individual

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1 sum of VA at each stage finalvalue of the product 2 VA by A 4500 VA by B86004500 4100 VA by C 1470... View full answer

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