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A small economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks.
Complete the following table by calculating the market value of output for each good or service.
Good or Service Quantity Market Price (Per unit) Value of Output
Pounds of food 3 million pounds $1 $______
Shirts 500,000 $22 $______
Houses 20 $50,000 $_______
Medical service 50,000 hours $20 $_______
Automobile plant 1 $1,000,000 $_______
Tanks 2 $500,000 $________

Respuesta :

Answer:

Value of output of food:

= 3 million × $1

= $3 million

Value of output of shirts:

= 50,000 × $22

= $1,100,000

Value of output of houses:

= 20 × $50,000

= $1,000,000

Value of output of Medical service:

= 50,000 × $20

= $1,000,000

Value of output of Automobile plant:

= 1 × $1,000,000

= $1,000,000

Value of output of Tanks:

= 2 × $500,000

= $1,000,000

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