A simplified version of input-output analysis of a national economy has the following input-output matrix: Agriculture Manufacturing Households Agriculture 0.245 0.102 0.051 Manufacturing 0.099 0.291 0.279 Households 0.433 0.372 0.011 A. units of Households are need to produce one unit of Agriculture B. Given Demand (in billions of dollars) for the three sectors are as follows 2.5=Agriculture 33.1 Manufacturing, 32.5=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 increase by $ billion (nearest 0.01) in order to meet that increase in household external demand
A simplified version of input-output analysis of a national economy has the following input-output matrix: Agriculture Manufacturing Households Agriculture 0.245 0.102 0.051 Manufacturing 0.099 0.291 0.279 Households 0.433 0.372 0.011 A. units of Households are need to produce one unit of Agriculture B. Given Demand (in billions of dollars) for the three sectors are as follows 2.5=Agriculture 33.1 Manufacturing, 32.5=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 increase by $ billion (nearest 0.01) in order to meet that increase in household external demand
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Transcribed Image Text:A simplified version of input-output analysis of a national economy has the following input-output matrix:
Agriculture
Manufacturing
Households
Agriculture
0.245
0.102
0.051
Manufacturing
0.099
0.291
0.279
Households
0.433
0.372
0.011
A.
units of Households are need to produce one unit of Agriculture
B. Given Demand (in billions of dollars) for the three sectors are as follows
2.5=Agriculture 33.1 = Manufacturing,
32.5=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 increase
by $
billion (nearest 0.01) in order to meet that increase in household external demand
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