Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

struggling to figure out the solution for this. give me the right numbers with explanation. good reviews will be given and thank you. 1. The

struggling to figure out the solution for this. give me the right numbers with explanation. good reviews will be given and thank you.

1.

image text in transcribedimage text in transcribed
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 $0.36 from agriculture and $0.50 from tourism. Production of a dollar's worth of tourism requires an input of $0.46 from agriculture and $0.25 from tourism. Find the output from each sector that is needed to satisfy a final demand of $32 million for agriculture and $47 million for tourism. The output from the agriculture sector is approximately $ | million. (Round to the nearest million.)An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.20 from manufacturing, and $0.20 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $56 billion for agriculture, $13 billion for manufacturing, and $49 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 as needed.)

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

Step: 3

blur-text-image

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

Climate Policy And Nonrenewable Resources The Green Paradox And Beyond

Authors: Karen Vollebergh, Rick Van Der Ploeg

1st Edition

0262319845, 9780262319843

More Books

Students also viewed these Economics questions

Question

Calculate the pH and percent ionization of a 0.80 M HNO2 solution.

Answered: 1 week ago

Question

3. What is my goal?

Answered: 1 week ago

Question

2. I try to be as logical as possible

Answered: 1 week ago