A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.2 unit of agricultural products and 0.3unit of manufactured goods. The production of 1 unit of manufactured goods requires the consumption of 0.4 unit of agricultural products and 0.3 unit of manufactured goods.(a) Find the total output of goods needed to satisfy a consumer demand for $100 million worth of agricultural products and $130 million worth of manufactured goods. (Round youranswers to one decimal place.)agricultural productsmanufactured goods$millionmillion(b) Find the value of the goods consumed in the internal process of production in order to meet the gross output. (Round your answers to one decimal place.)agricultural productsmillionmillionmanufactured goodsNeed Help? Read ItWatch It

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Answered: A simple economy consists of two…

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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A manufacturer of Bluetooth headphones examines the historical demand of its product and learns that the average monthly demand is about 3,090 headphones but varies between 2,350 and 4,100 headphones. Each pair of the headphones has a retail price of $120. The monthly fixed production cost ranges from $5,500 to $6,500, with an average of $6,000. The average variable cost of producing a pair of headphones is $35, but because the manufacturing process is not fully automated, the variable cost may vary between $31 and $39 per pair. Develop a risk analysis model to answer the following questions. What is the monthly profit from the Bluetooth headphones for the most likely, pessimistic, and optimistic scenarios? The company notices that during the holiday season in December, the demand tends to be higher than in other months. Historically, the demand in December is about 3,578 pairs on average, but also ranges from 2,535 to 4,757 pairs. What is the December profit for the most…
Consider a manufacturing firm that has revenues of $160 per day. The firm must transport its output to a central freight terminal. Transportation costs to get output to the central freight terminal are $20 The firm employs labour that costs $60 per day if employed at the central freight terminal location, but those daily labour costs fall at a rate of $4 per mile from center. The firm has other non-land costs of $30 per day to buy raw materials.The firm requires 2 hectares of land for its operations. a) What is the firm's maximum willingness to pay per hectare of land at the central freight terminal location? Show your work. b) What is the equation of the firm's bid rent for land per hectare as a function of x, where x is distance in miles from the central freight terminal? Show your work. per mile.
Solve the problem. Suppose an economy consists of three sectors: Energy (E), Manufacturing (M), and Agriculture (A). Sector E sells 70% of its output to M and 30% to A. Sector M sells 30% of its output to E, 50% to A, and retains the rest. Sector A sells 15% of its output to E, 30% to M, and retains the rest. Denote the prices (dollar values) of the total annual outputs of the Energy, Manufacturing, and Agriculture sectors by Pe. Pm, and Pa respectively. If possible, find equilibrium prices that make each sector's income match its expenditures. Find the general solution as a vector, with pa free. 0.356 Pal Pm-0.686 Pa Pe Pa Pe Pm Pa Pe Pm - Pa Pe Pm Pa Pa [0.465 Pa = 0.593 Pa Pa [0.308 Pa 0.716 Pa Pa 0.607 Pa 0.481 Pa Pa
Chemco produces two chemicals: A and B. Thesechemicals are produced via two manufacturing processes.Process 1 requires 2 hours of labor and 1 lb of raw materialto produce 2 oz of A and 1 oz of B. Process 2 requires 3hours of labor and 2 lb of raw material to produce 3 oz ofA and 2 oz of B. Sixty hours of labor and 40 lb of rawmaterial are available. Demand for A is unlimited, but only20 oz of B can be sold. A sells for $16/oz, and B sells for$14/oz. Any B that is unsold must be disposed of at a costof $2/oz. Formulate an LP to maximize Chemco’s revenueless disposal costs.
Succulent Citrus produces orange juice and orange concentrate. This year the company anticipates a demand of at least 12,000 quarts of orange juice and 1,500 quarts of orange concentrate. Each quart of orange juice requires 10 oranges, and each quart of concentrate requires 50 oranges. The company also anticipates using at least 270,000 oranges for these products. Each quart of orange juice costs the company 50¢ to produce, and each quart of concentrate costs $2.00 to produce. How many quarts of each product should Succulent Citrus produce to meet the demand and minimize total costs? orange juice qt qt orange concentrate

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