Agriculture, oil. The economy of a country is based on two sectors, agriculture and oil. Production of a dollar's worth of agriculture requires an input of $ 0.40 from agriculture and $ 0.35 from oil. Production of a dollar's worth of oil requires an input of $ 0.20 from agriculture and $ 0.05 from oil. Find the output from each sector that is needed to satisfy a final demand of $ 40 million for agriculture and $ 250 million for oil.
Agriculture, oil. The economy of a country is based on two sectors, agriculture and oil. Production of a dollar's worth of agriculture requires an input of $ 0.40 from agriculture and $ 0.35 from oil. Production of a dollar's worth of oil requires an input of $ 0.20 from agriculture and $ 0.05 from oil. Find the output from each sector that is needed to satisfy a final demand of $ 40 million for agriculture and $ 250 million for oil.
Solution Summary: The author calculates the output from two sectors, oil and agriculture, that is needed to satisfy a final demand of 250 million for oil.
Agriculture, oil. The economy of a country is based on two sectors, agriculture and oil. Production of a dollar's worth of agriculture requires an input of
$
0.40
from agriculture and
$
0.35
from oil. Production of a dollar's worth of oil requires an input of
$
0.20
from agriculture and
$
0.05
from oil. Find the output from each sector that is needed to satisfy a final demand of
$
40
million for agriculture and
$
250
million for oil.
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