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 $0.36 from coal and $0.50 from steel. Production of a dollar's worth of steel requires an input of $0.46 from coal and $0.25 from steel. Find the output from each sector that is needed to satisfy a final demand of $27 million for coal and $42 million for steel. The output from the coal sector is approximately $ million. (Round to the nearest million.

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 $0.36 from coal and $0.50 from steel. Production of a dollar's worth of steel requires an input of $0.46 from coal and $0.25 from steel. Find the output from each sector that is needed to satisfy a final demand of $27 million for coal and $42 million for steel. The output from the coal sector is approximately $ million. (Round to the nearest million.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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