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24 April, 06:11

Suppose a particular model of smartphone contains $150 worth of raw materials and requires $175 worth of labor to produce. One day, one of these phones sells for $400. The seller would have been willing to sell it for as little as $375, whereas the buyer would have been willing to pay as much as $425. Which dollar amount would be used to calculate this transaction's contribution to gross domestic product (GDP) ?

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