Question: An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.40 from agriculture, $0.40 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $23 billion for agriculture, $59 billion for manufacturing, and $19 billion for energy. The output of the agricultural sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)
Question: An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.40 from agriculture, $0.40 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $23 billion for agriculture, $59 billion for manufacturing, and $19 billion for energy. The output of the agricultural sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter2: Thinking Like An Economist
Section: Chapter Questions
Problem 4PA
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