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one day Barry and Barber, Inc., collects $400 for haircuts. Over this day, his equipment depreciates in the value by $50. Of the remaining $350, Barry sends $30 to the government in sales taxes, takes home $220 in wages, and retains $100 in his business to add new equipments in the future. From the $220 that Barry takes home, he pays $70 in income taxes. Based on this information, compute Barry's contribution to the following measures of income.

a. Gross Domestic Product
b. Net National Product
c. National Income
d. Personal Income
e. Disposable Personal Income

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M947024

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