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A firm purchases $400,000 worth of raw materials and pays wages and salaries of $300,000 and dividends of $100,000. If the firm sells its output for $1 million, the firm's value added to GDP is:________.

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sebastiansierraocm

Answer:

$600,000

Explanation:

The value added of the firm is the difference between the selling price of the ouput, and the costs of the inputs that were used to produce that output.

In this case, the output was sold for a total of $1,000,000, and the firm purchased $400,000 worth of raw materials, therefore, the firm's value added to GDP is = $1,000,000 - $400,000

                = $600,000

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