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(Solved): A farmer grows wheat and sells to a miller for $90. The miller turns the wheat into flour and sells ...



A farmer grows wheat and sells to a miller for $90. The miller turns the wheat into flour and sells the flour to a baker for $145. The baker turns the wheat into bread and sells the bread to consumers for $155. Consumers eat the bread. Assume that these transactions account for all economic activity in this economy. GDP in this economy is . Value added is defined as the value of a producer's output minus the value of the intermediate goods that the producer buys to make the output.



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