Question
A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agriculture products requires the consumption of 0.5 units of
A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agriculture products requires the consumption of 0.5 units of agricultural products and 0.2 units of manufactured goods. The production of 1 unit of manufactured goods requires the consumption of 0.3 units of agricultural products and 0.2 units of manufactured goods.
Suppose the consumer demand is for $127 million worth of agricultural goods and $123 million of manufactured goods. Let
X=(xy) (it is a matrix the x is over the y)
be the total output matrix required to meet demand, where xis the amount of agricultural goods (in millions of dollars) and yis the amount of manufactured goods (in millions of dollars).
What is y? Round your answer to the nearest whole number
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