An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.40 from agriculture, $0.40 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $23 billion for agriculture, $59 billion for manufacturing, and $19 billion for energy. The output of the agricultural sector is ☐ billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)

Macroeconomics
13th Edition
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter9: Classical Macro Economics And The Self Regulating Economy
Section: Chapter Questions
Problem 10QP
Question
An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.40 from agriculture, $0.40 from manufacturing, and
$0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy
requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $23 billion for agriculture, $59
billion for manufacturing, and $19 billion for energy.
The output of the agricultural sector is ☐ billion dollars.
(Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)
Transcribed Image Text:An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of $0.40 from agriculture, $0.40 from manufacturing, and $0.20 from energy. Production of a dollar's worth of manufacturing requires inputs of $0.30 from agriculture, $0.30 from manufacturing, and $0.30 from energy. Production of a dollar's worth of energy requires inputs of $0.20 from agriculture, $0.40 from manufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy a final demand of $23 billion for agriculture, $59 billion for manufacturing, and $19 billion for energy. The output of the agricultural sector is ☐ billion dollars. (Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning