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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

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter9: Systems Of Equations And Inequalities
Section9.4: Linear Programming
Problem 29E
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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
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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