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1. Consider an orange island economy that consists of only twocompanies: an orange company that produces oranges and an orangejuice company that purchases oranges from the orange company toproduce orange juice. Their income statements in 2015 are asfollows:

Orange Company:

   Wages paid toemployees                          $15,000

   Taxes paid togovernment                         $ 5,000

Sales revenue:

            Oranges sold topublic                       $10,000

            Oranges sold to JuiceCorp.               $25,000

Orange Juice Company:

   Wages paid toemployees                          $10,000

   Taxes paid togovernment                         $ 2,000

   Juice boxes imported fromChina              $ 1,000

   Oranges purchased fromorange corp.        $25,000

   Salesrevenue                                             $40,000

1. Please calculate the 2015 GDP of this economy using Productapproach, income approach and expenditure approach.
2. Suppose that, in addition to above transactions, the juicecompany imported juice boxes from China for $1000. Again, calculatethe 2015 GDP of this economy using Product approach, incomeapproach and expenditure approach.