An economy has three sectors: manufacturing, underwater basket weaving, and energy. Manufacturing sells 30% of its output to underwater basket weaving, 30% of its output to energy, and keeps the rest. Underwater basket weaving sells 10% of its output to manufacturing, 80% of its output to energy, and keeps the rest. Energy sells 40% of its output to manufacturing, 35% of its output to underwater basket weaving, and keeps the rest. If the economy is in equilibrium, and the value of energy is $8,500,000,000, find the value of underwater basket weaving. You are encouraged to use Octave for this problem. Your answer should be exact so use "format rat."

An economy has three sectors: manufacturing, underwater basket weaving, and energy. Manufacturing sells 30% of its output to underwater basket weaving, 30% of its output to energy, and keeps the rest. Underwater basket weaving sells 10% of its output to manufacturing, 80% of its output to energy, and keeps the rest. Energy sells 40% of its output to manufacturing, 35% of its output to underwater basket weaving, and keeps the rest. If the economy is in equilibrium, and the value of energy is $8,500,000,000, find the value of underwater basket weaving. You are encouraged to use Octave for this problem. Your answer should be exact so use "format rat."

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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