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 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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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