Robinson Crusoe produces upper-loop product of $1000. He pays $750 in wages, $125 in interest, and $75 in rent. What must his profit be? If three-fourths of Crusoe’s output is consumed and the rest is invested, calculate Crusoland’s GDP with both the product and the income approaches and show that they must agree exactly.
Robinson Crusoe produces upperloop product of $1000. He pays $750 in wages, $125 in interest, and $75 in rent. What must his profit be? If threefourths of Crusoe’s output is consumed and the…
