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 0.3 unit 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 $110 million worth of agricultural products and $200 million worth of manufactured goods. (Round your answers to one decimal place.) agricultural products manufactured goods $ $ million million (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.) million agricultural products $ manufactured goods $ million
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 0.3 unit 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 $110 million worth of agricultural products and $200 million worth of manufactured goods. (Round your answers to one decimal place.) agricultural products manufactured goods $ $ million million (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.) million agricultural products $ manufactured goods $ million
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
ChapterA: Working With Diagrams
Section: Chapter Questions
Problem 1QP
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Transcribed Image Text: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 0.3 unit
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 $110 million worth of agricultural products and $200 million worth of manufactured goods. (Round your answers
to one decimal place.)
agricultural products
manufactured goods
$
$
million
million
(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.)
million
agricultural products
$
manufactured goods
$
million
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