Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 10% of its output to Lumber, 50% to Energy, and retains the rest. Lumber sells 15% of its output to Mining, 50% to Energy, 20% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 10% to Lumber, 20% to Transportation, and retains the rest. Transportation sells 20% of its output to Mining, 10% to Lumber, 40% 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. Mining 0.4 0.1 0.5 0 Distribution of Output from: Lumber Energy Transportation 0.15 0.2 0.2 0.15 0.5 0.1 0.5 0.2 0.1 0.4 0.300000000000 Purchased by: Mining Lumber If PT = $100, then PM = $.PL = S, and PE = $ (Round to the nearest dollar as needed.) Energy Transportation 0.2 (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.
Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 10% of its output to Lumber, 50% to Energy, and retains the rest. Lumber sells 15% of its output to Mining, 50% to Energy, 20% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 10% to Lumber, 20% to Transportation, and retains the rest. Transportation sells 20% of its output to Mining, 10% to Lumber, 40% 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. Mining 0.4 0.1 0.5 0 Distribution of Output from: Lumber Energy Transportation 0.15 0.2 0.2 0.15 0.5 0.1 0.5 0.2 0.1 0.4 0.300000000000 Purchased by: Mining Lumber If PT = $100, then PM = $.PL = S, and PE = $ (Round to the nearest dollar as needed.) Energy Transportation 0.2 (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.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
Answer Part B with Solution. This is
(Please don't hand writing solution....)
Transcribed Image Text:Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 10% of its output to Lumber, 50% to Energy, and retains the rest. Lumber sells 15% of its output to Mining, 50%
to Energy, 20% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 10% to Lumber, 20% to Transportation, and retains the rest. Transportation sells 20% of its output to Mining, 10%
to Lumber, 40% 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:
Lumber Energy Transportation
Lumber
0.15
0.2
0.2
0.15
0.1
0.1
0.5
0.5
0.4
0.2
0.2
0.300000000000
(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 PT = $100, then PM = $₁, P₁ = $, and P₁ = $[
(Round to the nearest dollar as needed.)
Mining
0.4
0.1
0.5
0
Purchased by:
Mining
Lumber
C...
Energy
Transportation
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 9 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
