Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 20%of its output to Lumber, 60% to Energy, and retains the rest. Lumber sells 5% of its output to Mining,40% to Energy, 25% to Transportation, and retains the rest. Energy sells 30% of its output to Mining,15% to Lumber, 25% to Transportation, and retains the rest. Transportation sells 20% of its outputto Mining, 10% 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(Type integers or decimals.)Purchased by:MiningLumberEnergyTransportation

Answered: Image /qna-images/answer/14469b56-8de1-43f9-8cbc-ea749b4fee59.jpg

Answered: Suppose an economy has four sectors:…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Similar questions

A manufacturer produces three products, A, B, and C. The profits for each unit of A, B, and C sold are $1, $2, and $3, respectively. Fixed costs are $16,000 per year, a the costs of producing each unit of A, B, and C are $4, $5, and $7, respectively. Next year, a total of 12,000 units of all three products is to be produced and sold, and a total profit of $26,000 is to be realized. If total cost is to be $83,000, how many units of each of the products should be produced next year? units of product A, units of product B, and units of product C should be produced.
An economy is based on three sectors-agriculture, manufacturing, and services. For each unit of output, agriculture requires inputs of 0.30 unit from agriculture, 0.30 unit from manufacturing, and 0.30 unit from services. For each unit of output, manufacturing requires inputs of 0.30 unit from agriculture, 0.20 unit from manufacturing, and 0.20 unit from services. For each unit of output, services requires 0.20 unit from agriculture, 0.30 unit from manufacturing, and 0.30 unit from services. Determine the production levels needed to satisfy a final demand of 0 units for agriculture, 50 units for manufacturing, and 0 units for services. The production level needed from the agricultural sector is units. (Do not round until the final answer. Then round to two decimal places as needed.)
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, 50% to Energy, 15% to Transportation, and retains the rest. Energy sells 30% of its output to Mining, 20% to Lumber, 25% to Transportation, and retains the rest. Transportation sells 20% of its output to Mining, 20% 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 Transportation (Type integers or decimals.) Purchased by: Mining Lumber Energy Transportation
chocolate manufacture sells three types of chocolate: A, B, and C. All three types require Milk and choco but types 2 & 3 require peanuts also. Each unit of A requires 1 unit of milk and 2 units of choco. Each unit of B needs 1 unit of milk, 3 units of choco, and 40 grams of peanuts. Each unit of C requires 1 unit of milk, 1 unit of choco and 50 grams of peanuts. Each working day, the company has 25 units of milk, 50 units of choco and 1.5 kilograms (Kg) of peanuts. The time required to manufacture each unit of A is 20 minutes, each unit of B is 25 minutes, and each unit of C is 30 minutes. The cost of each unit of milk is $0.5, each unit of choco is $1.5, and each 1 Kg of peanuts is $5. The company sells each unit of A at $4, each unit of B at $6, and each unit of C at $8. Each working day, the manufacture has 4 hours available for making all three types of chocolate. Formulate an LP that can be used to maximize the manufacture daily profit? (DO NOT SOLVE).
An economy consists of coal, electric, and steel industries. For each $1.00 of output, the coal industry needs $0.01 worth of coal, $0.20 worth of electricity, and $0.20 worth of steel; the electric industry needs $0.02 worth of coal, $0.04 worth of electricity, and $0.03 worth of steel; and the steel industry needs $0.30 worth of coal and $0.02 worth of steel. The sales demand is estimated to be $1 billion for coal, $3 billion for electricity, and $4 billion for steel. Suppose that the demand for electricity triples and the demand for coal doubles, whereas the demand for steel increases by only 50%. At what levels should the various industries produce in order to satisfy the new demand? Set up the input-output matrix. Coal Electric Steel Coal 0.01 0.02 0.30 Electric Steel 0.20 0.04 0.20 0.03 0 0.02 The coal industry should produce $ ☐ billion the electric industry should produce $ ☐ billion, and the steel industry should produce $ (Round the final answer to the nearest billion as…

Recommended textbooks for you

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Advanced Engineering Mathematics

Advanced Math

ISBN:

9780470458365

Author:

Erwin Kreyszig

Publisher:

Wiley, John & Sons, Incorporated

Numerical Methods for Engineers

Advanced Math

ISBN:

9780073397924

Author:

Steven C. Chapra Dr., Raymond P. Canale

Publisher:

McGraw-Hill Education

Introductory Mathematics for Engineering Applicat…

Advanced Math

ISBN:

9781118141809

Author:

Nathan Klingbeil

Publisher:

WILEY

Mathematics For Machine Technology

Advanced Math

ISBN:

9781337798310

Author:

Peterson, John.

Publisher:

Cengage Learning,

Basic Technical Mathematics

Advanced Math

ISBN:

9780134437705

Author:

Washington

Publisher:

PEARSON

Topology

Advanced Math

ISBN:

9780134689517

Author:

Munkres, James R.

Publisher:

Pearson,

SEE MORE TEXTBOOKS