Alcestis and Her Family Are the Only Inhabitants of Elafonisos

Essay

Alcestis and her family are the only inhabitants of Elafonisos, a small island off the coast of Greece. She only produces fresh fish, which she can sell to clients from nearby islands for 2 euros per kilo. Last year, Alcestis caught 800 kg of fish; she consumed 50 kg and sold the remaining 750 kg for €1500. She used €1000 to buy food and clothing, and she used the remaining €500 for a new fishing boat that she bought from another island. Calculate the following for Elafonisos:
a) GDP, as the value of production
b) Consumption
c) Investment
d) Exports
e) Imports
f) Net Exports
g) GDP, as total expenditure