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 $0.30 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 $31 billion for agriculture, $50 billion for manufacturing, and $12 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 $0.30 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 $31 billion for agriculture, $50 billion for manufacturing, and $12 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.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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