In the Kansas City, MO-KS Metropolitan Area two important-firms are in trouble: 1) a- large agricultural-firm that produces $100 million worth of products every yearand employs 2000 workers and 2) a large hotel that produces $50 million of yearly sales and employs 3000 workers. The local government has funds to subsidize and prevent the closing of onlyone firm. Please, in less than 300 words, write a report where you assess what are the effects of closing down these firms and give a policy recommendation to the major. Youmay make your own assumptions about the values of the labor-supply and labor demand elasticities. Please, include tables and document all your calculations. (Note that you will need to use thetable on page 55-in-the Regional Multiplier report posted on Blackboard to answerthis question.) Table 2.4.-Total Multipliers for Output, Earnings, and Employment by Industry Aggregation-Continued Kansas City, MO-KS Metropolitan Area Direct-effect multiplier Final-demand multiplier Employment (Jobs) Eamings (Dollars) Employmen (Jobs) Output (Dollars) Earnings4 (Dollars) (5) (1) (21 (4) (3) Farm and agricuItural services, forestry, and fishing: Farm products and agricultural, forestry, and fishing services Forestry and fishing products 1.680 2.393 2.1363 1.7180 0.6123 3255 42.4 20.4 2.0926 3.2339 Mining: Coal mining Oil and gas extraction. Metal mining and nonmetallic minerals, except fuels 0000 1.5642 1.8199 0 1.660 2.38 2336 4938 15.3 20.2 1.9865 1.9398 Construction: Construction 2.350 2.2521 .6887 33.3 2.2660 Manufacturing: Food and kindred products and tobacco products Textile mill producls products 4.887 1.72 2.0154 1.6974 3950 .3892 19.0 22.8 3.5390 2.0687 Paper and allied products Printing and publishing. Chemicals and allied products and petroleum and coal products Rubber and miscellaneous plastics products and leather and leather products 7074 8940 8357 1.9662 2.358 2.446 4.037 2.30 4182 17.1 1.9650 2.0931 2.4798 2.2264 4986 4087 .4913 21.3 15.1 22.3 furniture and fixtures Stone, clay, and glass products Primary metal industries . Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment 2.0127 2.0070 2.0087 1.9927 1.9033 4994 4744 .5551 .5759 .5209 2.671 3.233 2.552 2.391 2.272 21.3 2.3445 2.5448 2.0880 2.0130 2.0141 19.2 22.5 23.7 22.5 2 99 2.446 1.908 Other transportation equipment Instruments and related products Miscellaneous manufacturing industries 1.9214 5280 18.7 20.9 28.4 2,0030 1.8665 1.9511 5374 1.8972 2.1032 5296 Transportation and public utilities: Transportation . Communications. Electric, gas, and sanitary services 2.43 3.757 3.668 7167 4760 3371 30.4 17.2 12.7 2.1793 1.9948 1.6890 2.0106 2.3372 2.3559 Who lesale and retail trade: Wholesale trade Retail trade... . 2.381 1.545 2.0276 2.1561 6605 7749 27.5 49.3 1.8827 1.7591 Finance, insurance, and real estate: Depository and nondepository institutions and security and commodity brokers.. insurance estate 2.648 2.941 3.089 2.4879 36.8 35.7 8.8 2.2942 2.4179 6.8454 .8293 .8503 .1395 2.6027 1.4374 Services Hotels and other lodging places, amusement and recreation services, and motion 1.768 1.547 1.946 1.419 50.1 59.3 45.2 50.7 2.3668 2.3700 2.3783 2.0982 7959 .8355 2.0633 1.9482 1.8730 1,9078 Personal services Business services... Eating and drinking places .9184 .6267 Miso services 22065 6257 36.3 services Private househol ds .3747 4063 21.7 ........ Includes Federal Government enterprises. that results from a $1 million change in output delivered to final demand by the industry c data, the outp delivered to final demand should be in 1992 dol multipiers are based on 1992 4. Each entry in column 4 measures the total dolar change in earnings of households employ by all row indstries that results from a $1 change in earmings paid directly to households otal dola results from a $1 change in output delivered to final demand by the industry corresponding to the entry. 2. Each entry in column 2 measures the total dollar change in earnings of households employed change in output delivered to final demand by the rom a PFach entry in column 5 measures the total change in number of jobs in all row industri that results from a change of one job in the industry corresponding to the entry. industry corresponding to the entry 3. Each entry in column 3 measures the total change in number of jobs all row industries In the Kansas City, MO-KS Metropolitan Area two important-firms are in trouble: 1) a- large agricultural-firm that produces $100 million worth of products every yearand employs 2000 workers and 2) a large hotel that produces $50 million of yearly sales and employs 3000 workers. The local government has funds to subsidize and prevent the closing of onlyone firm. Please, in less than 300 words, write a report where you assess what are the effects of closing down these firms and give a policy recommendation to the major. Youmay make your own assumptions about the values of the labor-supply and labor demand elasticities. Please, include tables and document all your calculations. (Note that you will need to use thetable on page 55-in-the Regional Multiplier report posted on Blackboard to answerthis question.) Table 2.4.-Total Multipliers for Output, Earnings, and Employment by Industry Aggregation-Continued Kansas City, MO-KS Metropolitan Area Direct-effect multiplier Final-demand multiplier Employment (Jobs) Eamings (Dollars) Employmen (Jobs) Output (Dollars) Earnings4 (Dollars) (5) (1) (21 (4) (3) Farm and agricuItural services, forestry, and fishing: Farm products and agricultural, forestry, and fishing services Forestry and fishing products 1.680 2.393 2.1363 1.7180 0.6123 3255 42.4 20.4 2.0926 3.2339 Mining: Coal mining Oil and gas extraction. Metal mining and nonmetallic minerals, except fuels 0000 1.5642 1.8199 0 1.660 2.38 2336 4938 15.3 20.2 1.9865 1.9398 Construction: Construction 2.350 2.2521 .6887 33.3 2.2660 Manufacturing: Food and kindred products and tobacco products Textile mill producls products 4.887 1.72 2.0154 1.6974 3950 .3892 19.0 22.8 3.5390 2.0687 Paper and allied products Printing and publishing. Chemicals and allied products and petroleum and coal products Rubber and miscellaneous plastics products and leather and leather products 7074 8940 8357 1.9662 2.358 2.446 4.037 2.30 4182 17.1 1.9650 2.0931 2.4798 2.2264 4986 4087 .4913 21.3 15.1 22.3 furniture and fixtures Stone, clay, and glass products Primary metal industries . Fabricated metal products Industrial machinery and equipment Electronic and other electric equipment 2.0127 2.0070 2.0087 1.9927 1.9033 4994 4744 .5551 .5759 .5209 2.671 3.233 2.552 2.391 2.272 21.3 2.3445 2.5448 2.0880 2.0130 2.0141 19.2 22.5 23.7 22.5 2 99 2.446 1.908 Other transportation equipment Instruments and related products Miscellaneous manufacturing industries 1.9214 5280 18.7 20.9 28.4 2,0030 1.8665 1.9511 5374 1.8972 2.1032 5296 Transportation and public utilities: Transportation . Communications. Electric, gas, and sanitary services 2.43 3.757 3.668 7167 4760 3371 30.4 17.2 12.7 2.1793 1.9948 1.6890 2.0106 2.3372 2.3559 Who lesale and retail trade: Wholesale trade Retail trade... . 2.381 1.545 2.0276 2.1561 6605 7749 27.5 49.3 1.8827 1.7591 Finance, insurance, and real estate: Depository and nondepository institutions and security and commodity brokers.. insurance estate 2.648 2.941 3.089 2.4879 36.8 35.7 8.8 2.2942 2.4179 6.8454 .8293 .8503 .1395 2.6027 1.4374 Services Hotels and other lodging places, amusement and recreation services, and motion 1.768 1.547 1.946 1.419 50.1 59.3 45.2 50.7 2.3668 2.3700 2.3783 2.0982 7959 .8355 2.0633 1.9482 1.8730 1,9078 Personal services Business services... Eating and drinking places .9184 .6267 Miso services 22065 6257 36.3 services Private househol ds .3747 4063 21.7 ........ Includes Federal Government enterprises. that results from a $1 million change in output delivered to final demand by the industry c data, the outp delivered to final demand should be in 1992 dol multipiers are based on 1992 4. Each entry in column 4 measures the total dolar change in earnings of households employ by all row indstries that results from a $1 change in earmings paid directly to households otal dola results from a $1 change in output delivered to final demand by the industry corresponding to the entry. 2. Each entry in column 2 measures the total dollar change in earnings of households employed change in output delivered to final demand by the rom a PFach entry in column 5 measures the total change in number of jobs in all row industri that results from a change of one job in the industry corresponding to the entry. industry corresponding to the entry 3. Each entry in column 3 measures the total change in number of jobs all row industries