MNLogs harvested logs (with no inputs from other companies) from it's property in Northern Minnesota. It sold these logs to MNLumber for $1500 and MNLumber cut and planed the logs int lumber. MNLumber then sold the lumber for $4,000 to MNFurniture. MNFurniture used the lumb to produce 100 tables that is sold to customers for $70 each. Please enter your answers as numeric responses with no decimal places (ie. 2000 or $2000 not $2000.00 or "Two thousand dollars") What is the total contribution to GDP from the above transactions? What is the Value Added for MNLogs?

MNLogs harvested logs (with no inputs from other companies) from it's property in Northern Minnesota. It sold these logs to MNLumber for $1500 and MNLumber cut and planed the logs int lumber. MNLumber then sold the lumber for $4,000 to MNFurniture. MNFurniture used the lumb to produce 100 tables that is sold to customers for $70 each. Please enter your answers as numeric responses with no decimal places (ie. 2000 or $2000 not $2000.00 or "Two thousand dollars") What is the total contribution to GDP from the above transactions? What is the Value Added for MNLogs?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 25RQ: In choosing a production technology, how will firms react if one input becomes relatively more...

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