An economy has three industries, farming, building, and clothing. For every dollar of food produced, the farmers use $0.07, the builders use $0.11, and the tailors use $0.15. For every dollar of building, the builders use $0.12, the farmers use $0.05, and the tailors use $0.14. For every dollar of clothing produced, the tailors use $0.13, the builders use $0.1, and the farmers use $0.07. This produces I/O matrix, A, where A = 0.07 0.05 0.07 0.11 0.12 0.1 0.15 0.14 0.13 If the external demand for food ( farm production) is $270 million, for building is $220 million, and for clothing is $170 million, what should be the total production for each industry? Farming production = $ million Building production = $ million Clothing production = $ million

An economy has three industries, farming, building, and clothing. For every dollar of food produced, the farmers use $0.07, the builders use $0.11, and the tailors use $0.15. For every dollar of building, the builders use $0.12, the farmers use $0.05, and the tailors use $0.14. For every dollar of clothing produced, the tailors use $0.13, the builders use $0.1, and the farmers use $0.07. This produces I/O matrix, A, where A = 0.07 0.05 0.07 0.11 0.12 0.1 0.15 0.14 0.13 If the external demand for food ( farm production) is $270 million, for building is $220 million, and for clothing is $170 million, what should be the total production for each industry? Farming production = $ million Building production = $ million Clothing production = $ million

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Description: An economy has three industries, farming, building, and clothing. For every dollar of food produced, the farmers use $0.07, the builders use $0.11, and the tailors use $0.15. For every dollar of building, the builders use $0.12, the farmers use $0.05

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter11: Gross Domestic Product

Section: Chapter Questions

Problem 3SQP

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