MNLogs harvested logs (with no inputs from other companies) from their property in northern Minnesota. They sold these logs to MNLumber for $2,000 and MNLumber cut and planed the logs into lumber. MNLumber then sold the lumber for $4,500to MNFurniture. MNFurniture used the lumber to produce 100 tables that they sold to customers for $90 each.
a. Complete the table below to calculate the value added by each firm.
Company Revenues Cost of purchased inputs Value added
MNLogs $ $ $
MNLumber $ $ $
MNFurniture $ $ $
b. Suppose that all of these transactions took place in 2011. By how much (in $) did GDP increase because of these transactions?
c. Suppose that MNLogs harvested the logs in October 2011 and sold them to MNLumber in December 2011. MNLumber then sold the finished lumber to MNFurniture in April 2012 and MNFurniture sold all 100 tables during the rest of 2012. By how much did GDP increase in 2011 and 2012 because of these transactions?
GDP increase in 2011: $
GDP increase in 2012: $

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