Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation.Mining sells 15% of its output to Lumber, 50% to Energy, and retains the rest. Lumbersells 15% of its output to Mining, 50% to Energy, 15% to Transportation, and retainsthe rest. Energy sells 20% of its output to Mining, 15% to Lumber, 20%to Transportation, and retains the rest. Transportation sells 10% of its output to Mining,15% 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:Mining Lumber Energy TransportationPurchased by:MiningLumberEnergyTransportation(Type integers or decimals.)

Please, refer to the detailed explanation below : Explanation: Detailed explanation:(a). Exchange…

Answered: Suppose an economy has four sectors:…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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 10% of its output to Mining, 60% to Energy, 15% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 20% to Lumber, 25% to Transportation, and retains the rest. Transportation sells 20% of its output to Mining, 15% to Lumber, 60% 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 Distribution of Output from: Lumber Energy Transportation Purchased by: (Type integers or decimals.) Mining Lumber Energy Transportation
Suppose an economy has four sectors: Mining Lumber, Energy, and Transportation Mining sells 10% of its output to Lumber, 60% to Energy, and retains the rest. Lumber sells 5% of Kits output to Mining, 60% to Energy, 25% to Transportation, and retains the rest. Energy sells 30% of its output to Mining, 15% to Lumber, 25% to Transportation, and retains the rest. Transportation sells 25% of its output to Mining, 15% 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 (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 P. PL. PE, and Pr respectively If p₁-$100, then pµ-$___‚ p_ - $¯¯¯‚ and pµ- (Round to the nearest dollar as neaded Purchased by: Mining Lumber Energy Transportation 1-57
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9. A Suppose another economy has two goods: iron and copper. The production of one unit of iron requires 0.1 units of iron and 0.2 units of copper. The production of one unit of copper requires 0.8 units of iron and 0.6 units of copper. What is the demand met by producing 50 units of iron and 40 units of copper? B. Using the same technology matrix as the previous problem, find the production schedule required to meet a demand of 200 units of iron and 100 units of copper.
Consider an economy of four sectors, Agriculture, Energy, Manufacturing, and Transportation. Agriculture sector sells 12% of its output to Energy, 35% to Manufacturing, 25% to Transportation and retains the rest. Energy sector sells 30% of its output to Agriculture, 30% to Manufacturing, 15% to Transportation and retains the rest. Manufacturing sector sells 30% of its output to Agriculture, 27% to Energy, and retains the rest. Transportation sector sells 20% of its output to Agriculture, 10% to Energy, 30% to Manufacturing and retains the rest. a. Construct the exchange table for this economy. b. Write down the system of linear equation that leads to prices at which each sector’s income matches its expenses, and solve these equations by Gaussian method to find these prices.
A young chef is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $30,000 a year, and take over a restaurant space that he owns and currently rents to his brother for $24,000 a year. His expenses at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. Suppose the sushi bar’s revenue from the first year is $120,000. What is the chef’s economics profit? 14,000 -14,000 66,000 68,000
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Assume that an economy is based on three industrial sectors: agriculture (A), building (B), and energy (E). The technology matrix M is: A BE uarruarruarr (4 [0.6 0.2 0.1 0.4 0.1 0.1 0.4] 0.1 0.1 B 0.1 M How much input from A, B, and E are required to produce a dollar's worth of output for B? How much input from A is required to produce a dollar's worth of output for B? How much input from B is required to produce a dollar's worth of output for B? How much input from E is required to produce a dollar's worth of output for B ? Assume that an economy is based on three industrial sectors: agriculture (A), building (B), and energy (E). The technology matrix M is: A BE ↑ ↑ ↑ A-> 0.6 0.2 0.1 B-> =M 0.1 0.4 0.1 E-> 0.1 0.1 0.4 How much input from A, B, and E are required to produce a dollar's worth of output for B? How much input from A is required to produce a dollar's worth of output for B? How much input from B is required to produce a dollar's worth of output for B? How much input from E…
Cindy Jo's Hair Salon is concerned about its rising costs of supplies, energy, and labor, so it is considering investing in better equipment, which hopefully will reduce the time required to perform most hairstyles as well as result in better perceived quality by its customers. It predicts that the added investment will increase output levels as well as reduce energy costs, since some of the new equipment (hair dryers) use less electricity. Inputs and Outputs Hairstyles per week Labor costs per week Energy costs per week Material costs per week Capital investment Using the given information, determine the current and expected single-factor and total productivity measures. Do not round intermediate calculations. Round your answers to three decimal places. Productivity Current (this year) % haircuts/dollar haircuts/dollar haircuts/dollar * haircuts/dollar Expected (next year) X Labor Energy Material Total What is the percentage change in total productivity? Do not round intermediate…

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