3. Consider an economy divided into agricultural sector, A, and service sector, S. To produce one unit in sector A requires 1/6 units from A and ¼ units from S. To produce a unit of S requires ¼ units from A and 1/4 units from S. 4 1 4 Suppose final demands in each of the two sectors are 50 units. Let x and y denote total production in industries A and S respectively. What is the Leontief system for this economy?

3. Consider an economy divided into agricultural sector, A, and service sector, S. To produce one unit in sector A requires 1/6 units from A and ¼ units from S. To produce a unit of S requires ¼ units from A and 1/4 units from S. 4 1 4 Suppose final demands in each of the two sectors are 50 units. Let x and y denote total production in industries A and S respectively. What is the Leontief system for this economy?

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

100%

3. Consider an economy divided into
agricultural sector, A, and service sector,
S. To produce one unit in sector A
1
requires 1/6 units from A and ¼ units
from S. To produce a unit of S requires
1
4 units from A and /4 units from S.
4
Suppose final demands in each of the
two sectors are 50 units. Let x and y
denote total production in industries A
and S respectively. What is the Leontief
system for this economy?

4. The equilibrium levels of income Y,
consumption C, disposable income Ya,
and taxation T, for a three-sector
macroeconomic model satisfy the
structural equations:
Y = C + I, + Go
C = a + bYa (0 <b< 1,
a > 0)
Ya = Y – T
T = tY + T, (0 < t < 1, T, > 0)
i. Express this system in the form AX =
d
ii. Using Cramer's rule, find the
equilibrium levels of consumption
(C*), disposable income (Ya*) and
taxation (T*)

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