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a) Differentiate between an open system and closed system of input output analysis (4 marks) b) The following table gives the Input-output coefficient for
a) Differentiate between an open system and closed system of input output analysis (4 marks) b) The following table gives the Input-output coefficient for three sector economy consisting of Agriculture, Industry and Service Input-Output Coefficients From Agriculture Industry Service Agriculture 0.3 0.4 0.2 Industry 0.2 0.0 0.5 Service 0.1 0.3 0.1 The projected forecast demand for the three sectors agriculture, Industry and Service are 100, 40 and 50 Million shillings respectively (The coefficients matrix is given in terms of money). Determine the gross output of the three sectors that will meet this demand?
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