Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its outputs to Services and keeps the rest, while Services sells 68% of its output to Goods and retains the rest. Find equilibrium prices for the annual outputs of the Goods and Services sectors that make each sector's income match its expenditures. Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and ps, respectively. If ps = $1000, then PG = $(Type an integer or a decimal.) 0.8- 0.2 Goods Services 0.32 0.68-

Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its outputs to Services and keeps the rest, while Services sells 68% of its output to Goods and retains the rest. Find equilibrium prices for the annual outputs of the Goods and Services sectors that make each sector's income match its expenditures. Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and ps, respectively. If ps = $1000, then PG = $(Type an integer or a decimal.) 0.8- 0.2 Goods Services 0.32 0.68-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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