Assume an economy in which there are two producers: a wheat producer and a bread producer. In a given year, the wheat producer grows 3 million tonnes…

Assume an economy in which there are two producers: a wheat producer and a bread producer. In a given year, the wheat producer grows 3 million tonnes of wheat, of which 2.5 million tonnes are sold to the bread producer at $30 per tonne, and 0.5 million tonnes are stored by the wheat producer to use as seed for next year’s crop. The bread producer produces and sells 100 million loaves of bread to consumers for $3.50 per loaf. Determine GDP in this economy during this year by using the product and expenditure approaches.