You are given the following information about the three industrial sectors that make up an economy along with a population of consumers (who are also the workers in these industries). There is no government and no foreign trade and there is no investment (except in question part d). Industry A grows agricultural products on its own farms. It pays wages of £40 million per year to its employees. Sales to other industries (B and C) are £50 million per year and direct sales to consumers are £10 million per year. Profits for this industry are £20 million per year. Industry B is a manufacturer of finished products (including food products). It spends £30 million each year of purchases from industry A but it buys nothing from industry C. It sells £60 million of output to industry C, and £30 million of output to households for their personal consumption. It makes £30 million in profit each year and pays £30 million in wages to its employees. Industry C is a large group of self-employed small businesses. The owners have "mixed incomes" (a combination of wages and profits) of £100 million per year. They buy inputs from industry A of £20 million per year and £60 million per year from industry B. This industry has sales to consumers of £180 million per year. a) What is the value GDP according to the final expenditure approach? () b) What is the value added of industry C? () c) What are the incomes generated in each industry and show that these also add up to GDP by the income-based approach? () d) What would GDP be if industry C devoted £10 million of its purchases from B to investment (such as in increased inventories) and sold £10 million less to consumers? ().