This exercise requires the use of technology.Four sectors of the U.S. economy are (1) livestock and livestock products, (2) other agricultural products, (3) forestry and fishery products, and (4) agricultural, forestry, and fishery services. Supposethat in 1977 the input-output table involving these four sectors was as follows (all figures are in millions of dollars).Determine how these four sectors would react to an increase in demand for livestock (Sector 1) of $2,000 million, how they would react to an increase in demand for other agricultural products (Sector2) of $2,000 million, and so on. (Round your answers to two decimal places. Let the columns of the matrix be given in millions of dollars.)2281.984.11664.20.25187.762094.660.25191.39310904398554,744615,423 10,952 3,002 216Total Output 97,795 120,594 14,642 47,473To 1From1 11,93723420926,649 4,28504

Answered: Four sectors of the U.S. economy are…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Question

This exercise requires the use of technology.
Four sectors of the U.S. economy are (1) livestock and livestock products, (2) other agricultural products, (3) forestry and fishery products, and (4) agricultural, forestry, and fishery services. Suppose
that in 1977 the input-output table involving these four sectors was as follows (all figures are in millions of dollars).
Determine how these four sectors would react to an increase in demand for livestock (Sector 1) of $2,000 million, how they would react to an increase in demand for other agricultural products (Sector
2) of $2,000 million, and so on. (Round your answers to two decimal places. Let the columns of the matrix be given in millions of dollars.)
2281.98
4.11
664.2
0.25
187.76
2094.66
0.25
191.39
3
109
0
439
855
4,744
61
5,423 10,952 3,002 216
Total Output 97,795 120,594 14,642 47,473
To 1
From
1 11,937
2
3
4
2
0
9
26,649 4,285
0
4

Expert Solution

Step 1

Given the input-output table involving four sectors of U.S. economy in the year 1977.

To determine how the four sectors react to an increase in demand for livestock(Sector 1) of $2000 million, how they would react to an increase in demand for other agricultural products (Sector 2) of $2,000 million, and so on.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 13 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions