- Consider an orange island economy that consists of only twocompanies: an orange company that produces oranges and an orangejuice company that purchases oranges from the orange company toproduce orange juice. Their income statements in 2015 are asfollows:
Orange Company:
  Wages paid toemployees                          $15,000
  Taxes paid togovernment                         $ 5,000
Sales revenue:
            Oranges sold topublic                       $10,000
            Oranges sold to JuiceCorp.               $25,000
Orange Juice Company:
  Wages paid toemployees                          $10,000
  Taxes paid togovernment                         $ 2,000
  Juice boxes imported fromChina              $ 1,000
  Oranges purchased fromorange corp.       $25,000
  Salesrevenue                                             $40,000
- Please calculate the 2015 GDP of this economy using Productapproach, income approach and expenditure approach.
- Suppose that, in addition to above transactions, the juicecompany imported juice boxes from China for $1000. Again, calculatethe 2015 GDP of this economy using Product approach, incomeapproach and expenditure approach.
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