An economy consists of coal, electric, and steel industries. For each $1.00 of output, the coal industry needs $0.01 worth of coal, $0.30 worth of electricity, and $0.10 worth of steel; the electric industry needs $0.01 worth of coal, $0.04 worth of electricity, and $0.04 worth of steel; and the steel industry needs $0.30 worth of coal and $0.01 worth of steel. The sales demand is estimated to be $3 billion for coal, $3 billion for electricity, and $4 billion for steel. Suppose that the demand fo 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 The coal industry should produce s billion the electric industry should produce s billion, and the steel industry should produce $ billion. (Round the final answer to the nearest billion as needed. Round the elements of the inverse matrix to two decimal places as needed.)

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ISBN:9780470458365
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Chapter2: Second-order Linear Odes
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An economy consists of coal, electric, and steel industries. For each $1.00 of output, the coal industry needs $0.01 worth of coal, $0.30 worth of electricity, and $0.10 worth of steel; the electric industry needs $0.01 worth of coal, $0.04 worth
of electricity, and $0.04 worth of steel; and the steel industry needs $0.30 worth of coal and $0.01 worth of steel. The sales demand is estimated to be $3 billion for coal, $3 billion for electricity, and $4 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
The coal industry should produce $ billion the electric industry should produce s billion, and the steel industry should produce $
(Round the final answer to the nearest billion as needed. Round the elements of the inverse matrix to two decimal places as needed.)
billion.
Transcribed Image Text:An economy consists of coal, electric, and steel industries. For each $1.00 of output, the coal industry needs $0.01 worth of coal, $0.30 worth of electricity, and $0.10 worth of steel; the electric industry needs $0.01 worth of coal, $0.04 worth of electricity, and $0.04 worth of steel; and the steel industry needs $0.30 worth of coal and $0.01 worth of steel. The sales demand is estimated to be $3 billion for coal, $3 billion for electricity, and $4 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 The coal industry should produce $ billion the electric industry should produce s billion, and the steel industry should produce $ (Round the final answer to the nearest billion as needed. Round the elements of the inverse matrix to two decimal places as needed.) billion.
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