Suppose two goods are produced in the economy an, Ask an Expert

Economics

Suppose two goods are produced in the economy: an intermediate good, and a final good. Let E_1 and E_F be total expenditure on the intermediate and final goods, respectively. By the expenditure approach, clearly GDP is equal to E_F, since this is (by definition) expenditure on final goods. Show mathematically that the value-added approach to computing GDP must give you the same answer.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M92000524

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