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 60% 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. If 0.2 Ps = $1000, then PG = $ (Type an integer or a decimal.) Goods 0.8 0.6 Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and Ps, respectively. Services 0.4
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 60% 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. If 0.2 Ps = $1000, then PG = $ (Type an integer or a decimal.) Goods 0.8 0.6 Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and Ps, respectively. Services 0.4
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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Transcribed Image Text: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 60% 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.
0.2
Goods
0.8
0.6
Services
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.)
0.4
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