ECO102 Tutorial 02
- Value Added in Macroeconomics
- GDE Approach:
- Consumption
- Investments
- Govt. purchases
-
- Net Imports
is GDP deflator
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- #tk important question for final
- (ECO102 - Week 02, p.6)
-
An incorporated winery purchases 1000 cases of bottles, 40 000 kilograms of grapes, and 10 kilograms of imported yeast. The winery produces and sells 1 000 cases of wine. Producer's (Basic) Prices are 600 dollars per case of wine, 100 dollars per case of bottles, 3 dollars per kilogram of grapes and 4000 dollars per kilogram of yeast. The winery employs 20 workers. Intermediate inputs and labour compensation are the only costs. A Statistics Canada economist calculates 175 000 dollars Gross Surplus for the winery. a. Value Added at the winery is equal to x b. Employee Compensation at the winery is equal to y
- Cost of inputs:
- a) Value Added
- Revenue is
- Revenue is
- b) Employee compensation is
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- 3
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- Find the GDI
- 6
- #tk always on midterm
-
- Calculate Real GDP
- Find GDP for each year
- Last first quantity
- Last year's price, this year's quantity.
- Calculate the index
- 2019
- Base year so index is
- Base year so index is
- 2020
- 2021
- 2019
- Calculate the chained real gdp
- Find GDP for each year
- Calculate CPI
- Calculate GDP for each year
- Calculate the Last First Price
- 2019 is our base year
- Calculate the Index
- CPI
- Calculate GDP for each year
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