# Homework 2 - Points Awarded 88.00 Points Missed 12.00...

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Rent on land (including apricot trees)300,000Wages to employees1,200,000Taxes200,000Darryl's profit from selling dried apricots is:
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2.Fannie’s profit from selling fresh apricots is:C
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Answer(s):3.Use theincome approachto calculate nominal GDP. Fill in the blanks in the tablebelow.Enter numbers with no commas, no dollar signs and no decimals. Forexample, if your answer is \$12,000 you would enter 12000 into the appropriatebox.a. Total wagesb. Interestc. Rentd.Total profit*e. Total taxesNominal GDP=(a+b+c+d+e)*hint: get total profit by adding your answers for #1 and #2!Now let’s use theexpenditure approachto calculate nominal GDP. So here we will add upall consumer spending on FINAL goods in this economy. Remember that the final goods inthis economy are fresh apricots and also dried apricots. We have to be careful not to doublecount here though because some of the fresh apricots produced by Fannie are used by18000002500003000004500003000003100000Points Earned:3.0/3.0CorrectAnswer(s):Box 1:1800000;Box 2:250000;Box 3:300000;Box 4:450000;Box 5:300000;Box 6:31000004.
Darryl to make dried apricots.So first we find out how much money consumers spent oneach of the final goods:How much money was spent by consumers on Fannie’s fresh apricots?
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