This exercise requires the use of technology. Four sectors of the U.S. economy are (1) livestock and livestock products, (2) other agricultural products, (3) forestry and fishery products, and (4) agricultural, forestry, and fishery services. Suppose that in 1977 the input-output table involving these four sectors was as follows (all figures are in millions of dollars). Determine how these four sectors would react to an increase in demand for livestock (Sector 1) of $2,000 million, how they would react to an increase in demand for other agricultural products (Sector 2) of $2,000 million, and so on. (Round your answers to two decimal places. Let the columns of the matrix be given in millions of dollars.)

This exercise requires the use of technology. Four sectors of the U.S. economy are (1) livestock and livestock products, (2) other agricultural products, (3) forestry and fishery products, and (4) agricultural, forestry, and fishery services. Suppose that in 1977 the input-output table involving these four sectors was as follows (all figures are in millions of dollars). Determine how these four sectors would react to an increase in demand for livestock (Sector 1) of $2,000 million, how they would react to an increase in demand for other agricultural products (Sector 2) of $2,000 million, and so on. (Round your answers to two decimal places. Let the columns of the matrix be given in millions of dollars.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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