K Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output to Lumber, 60% to Energy, and retains the rest. Lumber sells 5% of its output to Mining, 50% to Energy, 20% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 25% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 20% to Lumber, 50% to Energy, and retains the rest. a. Construct the exchange table for this economy. b. Find a set of equilibrium prices for this economy. a. Complete the exchange table below Distribution of Output from: Mining Lumber Energy Transportation Purchased by: Mining Lumber Energy Transportation (Type integers or decimals.) b. Denote the prices (that is, dollar values) of the total annual outputs of the Mining, Lumber, Energy, and Transportation sectors by PM. PL. PE. and PT, respectively If pr = $100, then PM = $ PL = 9 (Round to the nearest dollar as needed.) and PE
K Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output to Lumber, 60% to Energy, and retains the rest. Lumber sells 5% of its output to Mining, 50% to Energy, 20% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 25% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 20% to Lumber, 50% to Energy, and retains the rest. a. Construct the exchange table for this economy. b. Find a set of equilibrium prices for this economy. a. Complete the exchange table below Distribution of Output from: Mining Lumber Energy Transportation Purchased by: Mining Lumber Energy Transportation (Type integers or decimals.) b. Denote the prices (that is, dollar values) of the total annual outputs of the Mining, Lumber, Energy, and Transportation sectors by PM. PL. PE. and PT, respectively If pr = $100, then PM = $ PL = 9 (Round to the nearest dollar as needed.) and PE
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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