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Prove the following using EXCEL with the formulas and steps listed, Close 4.7 Leontief Input-Output Analysis Objective: Solve application prob... 13 of 14 (1 complete)
Prove the following using EXCEL with the formulas and steps listed,
Close 4.7 Leontief Input-Output Analysis Objective: Solve application prob... 13 of 14 (1 complete) O correct X Bus Econ 4.7.37 Question Help The economy of a small island nation is based on two sectors, agriculture and tourism. Production of a dollar's worth of agriculture requires an input of $0.35 from agriculture and $0.40 from tourism. Production of a dollar's worth of tourism requires an input of $0.43 from agriculture and $0.12 from tourism. Find the output from each sector that is needed to satisfy a final demand of $42 million for agriculture and $47 million for tourism. The output from the agriculture sector is approximately $ 143 million. (Round to the nearest million.) The output from the tourism sector is approximately $ 118 million. (Round to the nearest million.)Step by Step Solution
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