This exericse requires the use of technology.Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products. Suppose in 1978-79 the input-output table involving these four sectors was as follows (all figures are in millions of Australian dollars). To 1 2 3 4 From 1 678.1 3.7 3,341.6 1,023.4 2 15.8 6.9 17.8 124.6 3 47.9 4.1 893.8 145.1 4 312.5 22.7 83.1 693.3 Total Output 9,401.7 685.6 6,997.3 4,818.1 (a) How much additional production by the meat and milk sector is necessary to accommodate a $100 increase in the demand for agriculture? (Round your answer to two decimal places.)$ million(b) Which sector requires the most of its own product in order to meet a $1 increase in external demand for that product? agricultureforestry, fishing, and hunting meat and milk productsother food products
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
This exericse requires the use of technology.
Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products. Suppose in 1978-79 the input-output table involving these four sectors was as follows (all figures are in millions of Australian dollars).
| To | 1 | 2 | 3 | 4 |
| From 1 | 678.1 | 3.7 | 3,341.6 | 1,023.4 |
| 2 | 15.8 | 6.9 | 17.8 | 124.6 |
| 3 | 47.9 | 4.1 | 893.8 | 145.1 |
| 4 | 312.5 | 22.7 | 83.1 | 693.3 |
| Total Output | 9,401.7 | 685.6 | 6,997.3 | 4,818.1 |
$ million
(b) Which sector requires the most of its own product in order to meet a $1 increase in external demand for that product?
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