This exercise requires the use of technology. Four sectors of the U.S. economy are (1) livestock and livestock products, (2) other agricultural products, (3) forestry and fishery products, and (4) agricultural, forestry, and fishery services. Suppose that in 1977 the input-output table involving these four sectors was as follows (all figures are in millions of dollars). Determine how these four sectors would react to an increase in demand for livestock (Sector 1) of $1,500 million, how they would react to an increase in demand for other agricultural products (Sector 2) of $1,500 million, and so on. (Round your answers to two decimal places. Let the columns of the matrix be given in millions of dollars.)
This exercise requires the use of technology.
Four sectors of the U.S. economy are (1) livestock and livestock products, (2) other agricultural products, (3) forestry and fishery products, and (4) agricultural, forestry, and fishery services. Suppose that in 1977 the input-output table involving these four sectors was as follows (all figures are in millions of dollars).
Determine how these four sectors would react to an increase in demand for livestock (Sector 1) of $1,500 million, how they would react to an increase in demand for other agricultural products (Sector 2) of $1,500 million, and so on. (Round your answers to two decimal places. Let the columns of the matrix be given in millions of dollars.)
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| To | 1 | 2 | 3 | 4 |
| From 1 | 11,937 | 9 | 109 | 855 |
| 2 | 26,649 | 4,285 | 0 | 4,744 |
| 3 | 0 | 0 | 439 | 61 |
| 4 | 5,423 | 10,952 | 3,002 | 216 |
| Total Output | 97,795 | 120,594 | 14,642 | 47,473 |
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