2. The economy of a small country is based on four sectors: agriculture, manufacturing, transportation and tourism. The internal demand for these sectors is described below. To produce $1 of output: • Agriculture requires $ 0.07 of agriculture, $0.18 of manufacturing, $0.15 of transportation and $0.04 of tourism • Manufacturing requires $0.11 of agriculture, $0.21 of manufacturing, $0.14 of transportation and $0.07 of tourism • Transportation requires $0.10 of agriculture, $0.23 of manufacturing, $0.12 of transportation and $0.09 of tourism • Tourism requires $0.22 of agriculture, $0.25 of manufacturing, $0.15 of transportation and $0.02 of tourism Find the output from each sector that is necessary to meet consumer demands of $23 million for agriculture and $29 million for manufacturing, $18 million of transportation and $8 million of tourism.

2. The economy of a small country is based on four sectors: agriculture, manufacturing, transportation and tourism. The internal demand for these sectors is described below. To produce $1 of output: • Agriculture requires $ 0.07 of agriculture, $0.18 of manufacturing, $0.15 of transportation and $0.04 of tourism • Manufacturing requires $0.11 of agriculture, $0.21 of manufacturing, $0.14 of transportation and $0.07 of tourism • Transportation requires $0.10 of agriculture, $0.23 of manufacturing, $0.12 of transportation and $0.09 of tourism • Tourism requires $0.22 of agriculture, $0.25 of manufacturing, $0.15 of transportation and $0.02 of tourism Find the output from each sector that is necessary to meet consumer demands of $23 million for agriculture and $29 million for manufacturing, $18 million of transportation and $8 million of tourism.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Solve the matrix, transition matrix

The economy of a small country is based on four sectors: agriculture, manufacturing, transportation, and tourism. The internal demand for these sectors is described below.

To produce $1 of output:
- **Agriculture** requires $0.07 of agriculture, $0.18 of manufacturing, $0.15 of transportation, and $0.04 of tourism.
- **Manufacturing** requires $0.11 of agriculture, $0.21 of manufacturing, $0.14 of transportation, and $0.07 of tourism.
- **Transportation** requires $0.10 of agriculture, $0.23 of manufacturing, $0.12 of transportation, and $0.09 of tourism.
- **Tourism** requires $0.22 of agriculture, $0.25 of manufacturing, $0.15 of transportation, and $0.02 of tourism.

Find the output from each sector that is necessary to meet consumer demands of $23 million for agriculture, $29 million for manufacturing, $18 million of transportation, and $8 million of tourism.

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