[Steps Shown] Consider the country Badgerland where there are two firms. The firm Cheese-Factory produces 100 cheeses using Badgerland’s labor. The firm
Question: Consider the country Badgerland where there are two firms. The firm Cheese-Factory produces 100 cheeses using Badgerland’s labor. The firm Sishi produces 100 Sushis using Badgerland’s labor. The price of a cheese is 0.5 sushis i.e 0.5 sushis/cheese.
- What is the GDP in units of cheeses? What is the GDP in units of sushis?
- Suppose that the residents of another country, called Jipin, own the firm Sishi. The profit of the firm Sishi are 50 sushis and paid to the residents of Jipin. Badgerland does not own any firm in Jipin. Every Badgerland’s resident lives in Badgerland. What is the GNP of Badgerland?
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![[All Steps] Hamburgers and beer are the](/images/solutions/MC-solution-library-73889.jpg "[All Steps] Hamburgers and beer are the sole goods in a simple economy.")
[All Steps] Hamburgers and beer are the sole goods in a simple economy.
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![[Solution] Now assume that a = 1](/images/solutions/MC-solution-library-73892.jpg "[Solution] Now assume that a = 1 and so r 1 = r 2 as in question")
[Solution] Now assume that a = 1 and so r 1 = r 2 as in question
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