2) A farmer grows wheat, which she sells to a miller for 100$.

The miller turns the wheat into flour, which she sells to a baker
for 150$. The baker turns the wheat into bread, which she sells
to consumers for $180. Consumers eat the bread.
2a)This value (the GDP) was form by adding the
contributions (value added) of all the producers (the
farmer, the miller and the baker).
1) Value added by the farmer = $100
2) Value added by the miller = $50
3) Value added by the baker = $30
Then the total value added = $100 + $50 + $30 = $180.
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2b) Value added is defined as the value of a producer’s
output minus the value of the intermediate goods that the
producer buys. Assuming there are no intermediate goods
beyond those described above, calculate the value added
of each of the threeproducers.
Answer:
Value added for the farmer: $100.
Value added for the miller: $150-$100=$50.
Value added for the baker: $180-$150=$30.
2c) What is total value added of the three producers in this
economy? How does it compare to the economy’s GDP?
Does this example suggest another way of calculating
GDP?
Answer :
Together, the value added for the three
producers is $100+$50+$30=$180. This is the
value of GDP
4)what is the opportunity cost of investing in capital do you
think a country can overinvest in capital? what is the
opportunity cost of investing in human capital? do you think
a country can overinvest in human capital?Explain
Answer :
The opportunity cost of investing in capital is the loss of
consumption that results from redirecting resources toward
investment. Over-investment in capital is possible because of
diminishing marginal returns. A country can "over-invest" in capital if
people would prefer to have higher consumption spending and less
future growth. The opportunity cost of investing in human capital is
also the loss of consumption that is needed to provide the resources
for investment. A country could "over-invest" in human capital if
people were too highly educated for the jobs they could get – for
example, if the best job a Ph.D. in philosophy could find is managing
a restaurant.
5) The international Property Right Index scores countries
based on the legal and political environment and how well
property rights are protected. Go online and find a recent
ranking. Choose three countries with high scores and low
scores. then find the estimates of GDP per person in each
of these six countries.What pattern do you find? Give two
possible interpretations of the pattern