Refer to Example 3. Suppose the demand for raw rubber increases by 20%, the demand for tires increases by 40%, and the demand for other rubber-based products decreases by 10%. Find the level of production for each subsidiary in order to meet thisdemand. (Round your answers to one decimal place.)$millionmillionmillionraw rubbertiresother rubber-based products$$ APPLIED EXAMPLE 3 An Input-Output Model for a Three-ProductCompany TKK Corporation, a large conglomerate, has three subsidiariesengaged in producing raw rubber, manufacturing tires, and manufacturing otherrubber-based goods. The production of 1 unit of raw rubber requires the con-sumption of 0.08 unit of rubber, 0.04 unit of tires, and 0.02 unit of other rubber-based goods. To produce 1 unit of tires requires 0.6 unit of raw rubber, 0.02 unitof tires, and 0 unit of other rubber-based goods. To produce 1 unit of other rub-ber-based goods requires 0.3 unit of raw rubber, 0.01 unit of tires, and 0.06 unitof other rubber-based goods. Market research indicates that the demand for thefollowing year will be $200 million for raw rubber, $800 million for tires, and$120 million for other rubber-based products. Find the level of production foreach subsidiary in order to satisfy this demand.Solution View the corporation as an economy having three sectors and with aninput-output matrix given byRaw rubberA = TiresGoodsRawrubber Tires Goods0.08 0.600.300.04 0.020.010.02 00.06

Answered: Image /qna-images/answer/da707913-7609-4ac3-b893-8a06787d2a8b.jpg

Answered: Refer to Example 3. Suppose the demand…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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