Consider an economy that produces only two goods: oil andgasoline. In this econo

Consider an economy that produces only two goods: oil andgasoline. In this economy the technology of producing gasolineinvolves using oil as an input. Olives Oil is the only companythat produces Oil while Georges Gasoline is the only producergasoline. The relevant revenue and cost information for each of thetwo firms in the economy is given below: Georgess Revenue fromselling gasoline: $4800000 Cost of buying fresh oil from Olive:1300000 Interest on funds borrowed to buy refinery: 900000 Wagespaid to employees 1200000 Taxes 500000 Olives Revenue from oil:$1300000 Rent on land (including mineral rights) 400000 Wages toemployees 500000 Taxes 300000 Calculate nominal GDP using (a) theexpenditure approach (b) the production (value added) approach and(c) the income approach and show that all three give the sameanswer