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23 November, 12:57

Tom lives in an apartment where he pays $8,000 a year in rent. Sarah lives in a house that could be rented for $10,000 a year. How much do these housing services contribute to GDP?

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  1. 23 November, 16:43
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    these housing services contribute to GDP = $18000

    Explanation:

    given data

    Tom pay rent = $8000

    Sarah house rented = $10,000

    solution

    housing services contribute to GDP is express as

    housing services contribute to GDP = Tom pay rent + Sarah house rented ... 1

    As GDP include both rent and estimate rent owner occupy home

    put here value in equation 1 we get

    housing services contribute to GDP = $8000 + $10000

    housing services contribute to GDP = $18000
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