Ann's steel plant produces 800 tons of steel. Steel sells for $400 per ton. Ann pays...
Ann's steel plant produces 800 tons of steel. Steel sells for $400 per ton. Ann pays wages of $250,000, buys $100,000 worth of coals, which is needed to produce the steel, pays $15,000 in taxes, and $10,000 in interest on a loan. What is Ann's contribution to GDP? (Need explanation)
Homework Answers
GDP contribution = Total Value of goods produced.
= Total Value of Steel Produced
= Amount of Steel in Tons * Cost per ton
= 800*$400
= $320,000 is the answer to this question
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