An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.20 from manufacturing, and $0.20 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $53 billion for agriculture, $38 billion for manufacturing, and $43 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 $0.20 from agriculture, $0.40 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.20 from manufacturing, and $0.20 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $53 billion for agriculture, $38 billion for manufacturing, and $43 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.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of
agriculture requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.20 from energy. Production of
a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.20 from manufacturing, and $0.20 from
energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.30 from manufacturing, and
$0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $53 billion for agriculture,
$38 billion for manufacturing, and $43 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.)
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