Explain meaning of value added and its importance in income

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Reference no: EM1369572

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

Calculate final market value of flour.

Stage of production Sale price

Farmer 0.30

Miller 0.50

Wholesaler 1.00

Grocer 1.50

Reference no: EM1369572

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