A hunter gathers skins, which he sells to a leatherworker for $2,500. The leatherworker produces leather, which he sells to a designer for $3,000. The designer produces all sorts of bags, which are sold to the public for $4,500.
If we made the mistake of double counting at every level of production, as opposed to using the value added approach, we would calculate the total value of the output to be $
If we use the value added approach, the true value would be $
This means we would have overestimated the true value of the output by %
(Round your response to two decimal places)