GDP Calculation

Consider an economy with a corn producer, some consumers, and a government. In a given year, the corn producer grows 30 million bushels of corn ad the market price for corn is $5 per bushel. Of the 30 million bushels produced, 20 million are sold to consumers, 5 million are stored in inventory, and 5 million are sold to the government to feed the army. The corn producer pays $60 million in wages to consumers and $20 million in taxes to the government. Consumers pay $10 million in taxes to the government, receive $10 million on interest on government debt, and receive $5 million in Social Security payments from the government. The prots of the corn producer are distributed to the consumers.

1. Calculate GDP using i) the product approach, ii) the expenditure approach, and

iii) the income approach.