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How does the income approach to measuring GDP differ from the expenditure approach? describe the meaning of value added and its importance in the income approach. Consider the following data for the selling price at each stage in the production of a 5-pound bag of flour sold by your local grocer. find out the final market value of the flour.

Stage of Production Sale Price

Farmer $0.30
Miller 0.50
Wholesaler 1.00
Grocer 1.50

Microeconomics, Economics

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