Determine the expenditure approach for economy

Reference no: EM13236071

Assume an economy with a coal producer, a steel producer, and some concumers (no gov.) in a given year, the coal producter produces 15M tons of coal and sells it for $5 a ton. the coal producer pay $50M in wages to consumers. the steel producer uses 25M tons of coal as an input into steel production, all purchased at $5 a ton. of this, 15M tons of coal comes from the domestic coal producer and 10M tons is imported. The steel producer produces 10M tons of steel and sells it for $20 ton. domestic consumers buy 8M tons of steel, and 2M tons are exported. the steel producer pays consumers $40m in wages. All profits made by domestic producers are distributed to domestic consumers.
determine the expenditure approach?

Reference no: EM13236071

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