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A simplified version of input-output analysis of a national economy has the following input-output matrix: Agriculture Manufacturing Households 0.245 0.051 0.099 0.279 0.433 0.011 A. Agriculture Manufacturing Households 0.102 0.291 0.372 units of Households are need to produce one unit of Manufacturing B. Given Demand (in billions of dollars) for the three sectors are as follows 3.4-Agriculture 31 = Manufacturing, 34-Households Find the amount of each commodity that should be produced (nearest 0.1 billion) = Agriculture = Manufacturing = Households C. If the external demand of Households raises by $1 billion then manufacturing production needs to billion (nearest 0.01) in order to meet that increase in household external increase by $ demand

A simplified version of input-output analysis of a national economy has the following input-output matrix: Agriculture Manufacturing Households 0.245 0.051 0.099 0.279 0.433 0.011 A. Agriculture Manufacturing Households 0.102 0.291 0.372 units of Households are need to produce one unit of Manufacturing B. Given Demand (in billions of dollars) for the three sectors are as follows 3.4-Agriculture 31 = Manufacturing, 34-Households Find the amount of each commodity that should be produced (nearest 0.1 billion) = Agriculture = Manufacturing = Households C. If the external demand of Households raises by $1 billion then manufacturing production needs to billion (nearest 0.01) in order to meet that increase in household external increase by $ demand

Advanced Engineering Mathematics
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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**Input-Output Analysis of a National Economy** Below is a simplified input-output matrix representing the relations among three sectors of a national economy: Agriculture, Manufacturing, and Households. | | Agriculture | Manufacturing | Households | |----------------|-------------|---------------|------------| | **Agriculture** | 0.245 | 0.102 | 0.051 | | **Manufacturing** | 0.099 | 0.291 | 0.279 | | **Households** | 0.433 | 0.372 | 0.011 | **Section A** - ________ (fill in) units of Households are needed to produce one unit of Manufacturing. **Section B** Given the demand (in billions of dollars) for the sectors: - Agriculture: $3.4 billion - Manufacturing: $31 billion - Households: $34 billion Calculate the amount of each commodity that should be produced (rounded to the nearest 0.1 billion). - ________ = Agriculture - ________ = Manufacturing - ________ = Households **Section C** If the external demand for Households increases by $1 billion, manufacturing production needs to rise accordingly. Determine by how much manufacturing should increase (to the nearest 0.01 billion) to meet this growth in household demand. - Manufacturing increase: $________ billion This analysis helps understand how changes in one sector affect others, essential for economic planning and forecasting.
Transcribed Image Text:**Input-Output Analysis of a National Economy** Below is a simplified input-output matrix representing the relations among three sectors of a national economy: Agriculture, Manufacturing, and Households. | | Agriculture | Manufacturing | Households | |----------------|-------------|---------------|------------| | **Agriculture** | 0.245 | 0.102 | 0.051 | | **Manufacturing** | 0.099 | 0.291 | 0.279 | | **Households** | 0.433 | 0.372 | 0.011 | **Section A** - ________ (fill in) units of Households are needed to produce one unit of Manufacturing. **Section B** Given the demand (in billions of dollars) for the sectors: - Agriculture: $3.4 billion - Manufacturing: $31 billion - Households: $34 billion Calculate the amount of each commodity that should be produced (rounded to the nearest 0.1 billion). - ________ = Agriculture - ________ = Manufacturing - ________ = Households **Section C** If the external demand for Households increases by $1 billion, manufacturing production needs to rise accordingly. Determine by how much manufacturing should increase (to the nearest 0.01 billion) to meet this growth in household demand. - Manufacturing increase: $________ billion This analysis helps understand how changes in one sector affect others, essential for economic planning and forecasting.
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