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Question

There are three firms in an economy: X,Y,Z.
Firm X buys $200 worth of goods from firm Y, and $300 worth of goods from firm Z, and produces 250 units of output at $4 per unit.
Firm Y buys $150 worth of goods from firm X, and $250 worth of goods from firm Z, and produces 300 units of output at $6 per unit.
Firm Z buys $75 worth of goods from firm X, and $50 worth of goods from firm Y, and produces 500 units of output at $2 per unit.
Given this information, what is the ecomony's GDP(Gross Domestic Product?
Hint: remember that part of each firm's production is used by one of the other firms as a production input(an intermediate product).

Answer 1

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