please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 10% of itsoutput to Lumber, 50% to Energy, and retains the rest. Lumber sells 15% of its output to Mining, 40%to Energy, 20% to Transportation, and retains the rest. Energy sells 30% of its output to Mining, 20%to Lumber, 30% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 15%to Lumber, 40% to Energy, and retains the rest.a. Construct the exchange table for this economy.b. Find a set of equilibrium prices for this economy.a. Complete the exchange table below.Distribution of Output from:Mining Lumber Energy TransportationPurchased by:Mining.15.3.25.215Lumber.54.2.4Energy0.2.3.35Transportation(Type integers or decimals.)b. Denote the prices (that is, dollar values) of the total annual outputs of the Mining, Lumber, Energy, andTransportation sectors by PM. PL. PE. and PT, respectively.If PT = $100, then PM = S☐ PL = $☐, and PE = $[(Round to the nearest dollar as needed.)

Verifying the Solution:Now that we know the values for p_M, p_L, and p_E, we can use them to see if…

Answered: Suppose an economy has four sectors:…

Principles of Microeconomics (MindTap Course List)

8th Edition

ISBN:9781305971493

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

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