The economy of a small island nation is based on two sectors, coal and steel. Production of a dollar's worth of coal requires an input of $0.35 from coal and $0.40 from steel. Production of a dollar's worth of steel requires an input of $0.43 from coal and $0.12 from steel. Find the output from each sector that needed to satisfy final demand of $28 million for coal and $43 million for steel.

The economy of a small island nation is based on two sectors, coal and steel. Production of a dollar's worth of coal requires an input of $0.35 from coal and $0.40 from steel. Production of a dollar's worth of steel requires an input of $0.43 from coal and $0.12 from steel. Find the output from each sector that needed to satisfy final demand of $28 million for coal and $43 million for steel.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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