Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output to Lumber, 70% to Energy, and retains the rest. Lumber sells 10% of its output to Mining, 60% to Energy, 25% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 30% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 20% to Lumber, 60% 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 Transportation 15 15 7 0 05 15 35 25 (Type integers or decimals.) 6 .1 Purchased by: Mining Lumber PE If PT = $100, then PM = $.PL = $, and (Round to the nearest dollar as needed.) Energy Transportation b. Denote the prices (that is, dollar values) of the total annual outputs of the Mining, Lumber, Energy, and Transportation sectors by PM, PL, PE, and PT, respectively.
Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output to Lumber, 70% to Energy, and retains the rest. Lumber sells 10% of its output to Mining, 60% to Energy, 25% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 30% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 20% to Lumber, 60% 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 Transportation 15 15 7 0 05 15 35 25 (Type integers or decimals.) 6 .1 Purchased by: Mining Lumber PE If PT = $100, then PM = $.PL = $, and (Round to the nearest dollar as needed.) Energy Transportation b. Denote the prices (that is, dollar values) of the total annual outputs of the Mining, Lumber, Energy, and Transportation sectors by PM, PL, PE, and PT, respectively.
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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Please help with part b
Transcribed Image Text:Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output
to Lumber, 70% to Energy, and retains the rest. Lumber sells 10% of its output to Mining, 60% to Energy, 25%
to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 30%
to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 20% to Lumber, 60%
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.
Mining
15
15
7
0
Distribution of Output from:
Lumber Energy Transportation
05
6
25
(Type integers or decimals.)
15
35
6
If PT = $100, then PM = $.PL = $, and
(Round to the nearest dollar as needed.)
PE
1 ...
b. Denote the prices (that is, dollar values) of the total annual outputs of the Mining, Lumber, Energy, and
Transportation sectors by PM, PL, PE, and PT, respectively.
=
Purchased by:
Mining
Lumber
Energy
Transportation
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