Mr. Mike’s had $1m in sales last year. The firm’s input costs (for cheese, flour, etc)...
Mr. Mike’s had $1m in sales last year. The firm’s input costs (for cheese, flour, etc) were $800K .
What was Mr. Mike’s contribution to GDP last year?A. $1.8 million 2. $1 million 3. $800K 4. $200K
Homework Answers
Value of final output = total value of sale - input (intermediate good) cost.
Value of final output = $1million - $800k.
Value of final output = $1,000,000 - $800,000.
Value of final output = $200,000.
Value of final output = $200k.
Mike contribution to GDP last year would be equal to value of final output.
So, the correct answer is an option (4).
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