Asmall economy produced the following final goods and services during a given month: 3 million pounds of food, 50,000 shirts, 20 houses, 50,000 hours of medical services, 1 automobile plant, and 2 tanks.
complete the following table by calculating the market value of output for each good or service.
good or service quantity market price (per unit) value of output
pounds of food 3 million pounds $1 $
shirts 500,000 $22 $
houses 20 $50,000 $
medical service 50,000 hours $20 $
automobile plant 1 $1,000,000 $
tanks 2 $500,000 $