simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.2 unit of agricultural products and 0.3 unit of manufactured goods. The production of 1 unit of manufactured goods requires the consumption of 0.4 unit of agricultural products and 0.3 unit of manufactured goods. (a) Find the total output of goods needed to satisfy a consumer demand for $110 million worth of agricultural products and $120 million worth of manufactured goods. (Round your answers to one decimal place.) agricultural products $ million manufactured goods $ million (b) Find the value of the goods consumed in the internal process of production in order to meet the gross output. (Round your answers to one decimal place.) agricultural products $ million manufactured goods $ million
simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.2 unit of agricultural products and 0.3 unit of manufactured goods. The production of 1 unit of manufactured goods requires the consumption of 0.4 unit of agricultural products and 0.3 unit of manufactured goods. (a) Find the total output of goods needed to satisfy a consumer demand for $110 million worth of agricultural products and $120 million worth of manufactured goods. (Round your answers to one decimal place.) agricultural products $ million manufactured goods $ million (b) Find the value of the goods consumed in the internal process of production in order to meet the gross output. (Round your answers to one decimal place.) agricultural products $ million manufactured goods $ million
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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A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.2 unit of agricultural products and 0.3 unit of manufactured goods. The production of 1 unit of manufactured goods requires the consumption of 0.4 unit of agricultural products and 0.3 unit of manufactured goods.
(a) Find the total output of goods needed to satisfy a consumer demand for $110 million worth of agricultural products and $120 million worth of manufactured goods. (Round your answers to one decimal place.)
(b) Find the value of the goods consumed in the internal process of production in order to meet the gross output. (Round your answers to one decimal place.)
| agricultural products | $ million |
| manufactured goods | $ million |
(b) Find the value of the goods consumed in the internal process of production in order to meet the gross output. (Round your answers to one decimal place.)
| agricultural products | $ million |
| manufactured goods | $ million |
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