Score: 0 of 2 pts 110125 (6 complete) | > W Score: 20.31%, 13.2 of 6. Concept Qu

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Score: 0 of 2 pts 110125 (6 complete) | > W Score: 20.31%, 13.2 of 6. Concept Question 2.6 E Question Help Ross has a summer beach cottage that he has owned for many years. The cottage is valued at $75,000. This year Ross spends $350 on paint and $575 on trees, and then paints the exterior of the cottage and plants the trees himseltf If he had hired a professional painter, it would have cost $1,000 to paint the cottage (not including the cost of paint), an if he had hired a professional landscaper, it would have cost $450 (not including the cost of the trees) to do the planting How much does Ross's improvements to the cottage add to GDP this year? The increase in GDP would be$

Explanation / Answer

Since, the question is asking about Ross's improvement to the cottage, we would not consider GDP which could have been added by the painter and the landscaper.

Therefore, the increase in GDP would be the sum of money spent on purchasing the paint and the trees.

Increase in GDP = $350 + $575 = $ 925

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