Asmall economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks.
complete the following table by calculating the market value of output for each good or service.
good or service quantity market price (per unit) value of output
pounds of food 3 million pounds $1 $
shirts 500,000 $22 $
houses 20 $50,000 $
medical service 50,000 hours $20 $
automobile plant 1 $1,000,000 $
tanks 2 $500,000 $

Value of output of food:

= 3 million × $1

= $3 million

Value of output of shirts:

= 50,000 × $22

= $1,100,000

Value of output of houses:

= 20 × $50,000

= $1,000,000

Value of output of Medical service:

= 50,000 × $20

= $1,000,000

Value of output of Automobile plant:

= 1 × $1,000,000

= $1,000,000

Value of output of Tanks:

= 2 × $500,000

= $1,000,000

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