Answered: agriculture and $0.40 from tourism.…

Name: The economy of a small island nation is based on two sectors, agricul
Uploaded: 2024-03-20T07:07:26.000Z
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Description: The economy of a small island nation is based on two sectors, agriculture and tourism. Production of a dollar's worth of agriculture requires an input of $0.35 from agriculture and $0.40 from tourism. Production of a dollar's worth of tourism requ

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 27EQ

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The economy of a small island nation is based on two sectors, agriculture and tourism. Production of a dollar's worth of agriculture requires an input of $0.35 from agriculture and $0.40 from tourism. Production of a dollar's worth of tourism requires an input of $0.43 from agriculture and $0.12 from tourism. Find the output from each sector that is needed to satisfy a final demand of $31 million for agriculture and $84 million for tourism.

The output from the agriculture sector is approximately $ . (Round to the nearest million.)

(Note Please read carefully and do the right calculations to find the proper answer. I've been frustrated struggling with this question)

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