ASK YOUR TEACHER PRACTICE ANOTH Consider a simple economy consisting of three sectors: food, clothing, and shelter. The production of 1 unit of food requires the consumption of 0.4 unit of food, 0.2 unit of clothing, and 0.2 unit shelter. The production of 1 unit of clothing requires the consumption of 0.1 unit of food, 0.2 unit of clothing, and 0.3 unit of shelter. The production of 1 unit of shelter requires the consumption 0.3 unit of food, 0.1 unit of clothing, and 0.1 unit of shelter. Find the level of production for each sector in order to satisfy the demand for $120 million worth of food, $20 million worth of clothing and $230 million worth of shelter. (Round your answers to one decimal place.) food $ clothing $ shelter $ million million million
ASK YOUR TEACHER PRACTICE ANOTH Consider a simple economy consisting of three sectors: food, clothing, and shelter. The production of 1 unit of food requires the consumption of 0.4 unit of food, 0.2 unit of clothing, and 0.2 unit shelter. The production of 1 unit of clothing requires the consumption of 0.1 unit of food, 0.2 unit of clothing, and 0.3 unit of shelter. The production of 1 unit of shelter requires the consumption 0.3 unit of food, 0.1 unit of clothing, and 0.1 unit of shelter. Find the level of production for each sector in order to satisfy the demand for $120 million worth of food, $20 million worth of clothing and $230 million worth of shelter. (Round your answers to one decimal place.) food $ clothing $ shelter $ million million million
Chapter2: Scarcity And Opportunity Costs
Section: Chapter Questions
Problem 14E
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Transcribed Image Text:ASK YOUR TEACHER
PRACTICE ANOTH
Consider a simple economy consisting of three sectors: food, clothing, and shelter. The production of 1 unit of food requires the consumption of 0.4 unit of food, 0.2 unit of clothing, and 0.2 unit
shelter. The production of 1 unit of clothing requires the consumption of 0.1 unit of food, 0.2 unit of clothing, and 0.3 unit of shelter. The production of 1 unit of shelter requires the consumption
0.3 unit of food, 0.1 unit of clothing, and 0.1 unit of shelter. Find the level of production for each sector in order to satisfy the demand for $120 million worth of food, $20 million worth of clothing
and $230 million worth of shelter. (Round your answers to one decimal place.)
food
$
clothing $
shelter $
million
million
million
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