An economy consists of coal, electric, and steel industries. For each $1.00 of output, the coal industry needs $0.03 worth of coal, 50,30 worth of electricity and $0.30 worth of steat the electric industryneeds $0.03 worth of coal, $0.04 worth of electricity, and $0.04 worth of steel; and the steel industry needs $0.20 worth of coal and $0.01 worth of steel. The sales demand is estimated to be $2 bilionfor coal, $2 billion for electricity, and $3 billion for steel. Suppose that the demand for electricity triples and the demand for coal doubles, whereas the demand for steel increases by only 50%. At whatlevels should the various industries produce in order to satisfy the new demand?Set up the input-output matrix.CoalElectricSteelCoal Electric Steel

In the Leontief Input-Output Analysis, a matrix is constructed which represents the interindustry…

An economy consists of coal, electric, and steel industries. For each $1.00 of output, the coal industry needs $0.03 worth of coal, $0.30 worth of electricity and $0.30 worth of steat the electric industry needs $0.03 worth of coal, $0.04 worth of electricity, and $0.04 worth of steel and the steel industry needs $0.20 worth of coal and $0.01 worth of steel. The sales demand is estimated to be $2 billion for coal, $2 billion for electricity, and $3 billion for steel. Suppose that the demand for electricity triples and the demand for coal doubles, whereas the demand for steel increases by only 50%. At what levels should the various industries produce in order to satisfy the new demand? Set up the input-output matrix Coal Electric Steel Coal Electric Steel

An economy consists of coal, electric, and steel industries. For each $1.00 of output, the coal industry needs $0.03 worth of coal, $0.30 worth of electricity and $0.30 worth of steat the electric industry needs $0.03 worth of coal, $0.04 worth of electricity, and $0.04 worth of steel and the steel industry needs $0.20 worth of coal and $0.01 worth of steel. The sales demand is estimated to be $2 billion for coal, $2 billion for electricity, and $3 billion for steel. Suppose that the demand for electricity triples and the demand for coal doubles, whereas the demand for steel increases by only 50%. At what levels should the various industries produce in order to satisfy the new demand? Set up the input-output matrix Coal Electric Steel Coal Electric Steel

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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