Assume an economy with 3 industries. To produce $1 of the output of industry I requires $0.4 worth of industry II, $0.3 worth of industry III and $0.1 of its own product. To produce $1 of the output of industry Il requires $0.3 worth of industry I, $0.3 worth of industry III and $0.2 worth of its own product. To produce $1 of the output of industry III requires $0.5 worth of industry II, $0.2 worth of industry I and $0.2 worth of its own product. The annual final demands for outputs of the sectors are $100, $150 and $200 billion, respectively. Determine the output of industry I and the amount of primary input necessary to produce the output of industry I.
Assume an economy with 3 industries. To produce $1 of the output of industry I requires $0.4 worth of industry II, $0.3 worth of industry III and $0.1 of its own product. To produce $1 of the output of industry Il requires $0.3 worth of industry I, $0.3 worth of industry III and $0.2 worth of its own product. To produce $1 of the output of industry III requires $0.5 worth of industry II, $0.2 worth of industry I and $0.2 worth of its own product. The annual final demands for outputs of the sectors are $100, $150 and $200 billion, respectively. Determine the output of industry I and the amount of primary input necessary to produce the output of industry I.
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 24EQ: Suppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry...
Related questions
Topic Video
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.Recommended textbooks for you
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning
Linear Algebra: A Modern Introduction
Algebra
ISBN:
9781285463247
Author:
David Poole
Publisher:
Cengage Learning