Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

An economy is based on threesectors, agriculture,manufacturing, and energy. Production of adollar's worth of agriculture requires inputs of $0.30 fromagriculture, $0.30 frommanufacturing, and $0.30 from

An economy is based on threesectors, agriculture,manufacturing, and energy. Production of adollar's worth of agriculture requires inputs of $0.30 fromagriculture, $0.30 frommanufacturing, and $0.30 from energy. Production of adollar's worth of manufacturing requires inputs of $0.30 fromagriculture, $0.30 frommanufacturing, and $0.30 from energy. Production of adollar's worth of energy requires inputs of $0.30 fromagriculture, $0.40 frommanufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $35 billion foragriculture, $68 billion formanufacturing, and $45 billion for energy.

The output of the agricultural sector is _____ billion dollars

(Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places asneeded.)

The output of the manufacturing sector is _____ billion dollars.

(Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places asneeded.)

The output of the energy sector is _____ billion dollars.

(Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places asneeded.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Research In Forest Economics And Forest Policy

Authors: Marion Clawson

1st Edition

1317362624, 9781317362623

More Books

Students also viewed these Economics questions

Question

#3. Please help, show work!

Answered: 1 week ago