An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.20 from agriculture, $0.20 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.30 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $56 billion for agriculture, $43 billion for manufacturing, and $42 billion for energy. The output of the agricultural sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)

An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.20 from agriculture, $0.20 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.30 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $56 billion for agriculture, $43 billion for manufacturing, and $42 billion for energy. The output of the agricultural sector is billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 6SCQ: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a...

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