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There are three firms in an economy: A, B, and C. Firm A buys $450 worth of goods from firm B and $260 worth of goods from firm C, and produces 260 units of output, which it sells at $3 per unit. Firm B buys $110 worth of goods from firm A and nothing from firm C, and produces 310 units of output, which it sells at $3 per unit. Firm C buys $125 worth of goods from firm A and $75 worth of goods from firm B. It produces output worth $1,050. All other products are sold to consumers.
a) Calculate GDP
b) If a value-added tax (a tax on the total value added by each firm) of 16 percent is introduced, how much revenue will the government get
c) How much would government get if it introduced a 16 percent income tax.
Posted Date: 10/11/2012 9:57:45 AM | Location : United States
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