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Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its outputs to Services and keeps the rest, while Services sells 60% of its output to Goods and retains the rest. Find equilibrium prices for the annual outputs of the Goods and Services sectors that make each sector's income match its expenditures. If 0.2 Ps = $1000, then PG = $ (Type an integer or a decimal.) Goods 0.8 0.6 Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and Ps, respectively. Services 0.4

Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its outputs to Services and keeps the rest, while Services sells 60% of its output to Goods and retains the rest. Find equilibrium prices for the annual outputs of the Goods and Services sectors that make each sector's income match its expenditures. If 0.2 Ps = $1000, then PG = $ (Type an integer or a decimal.) Goods 0.8 0.6 Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and Ps, respectively. Services 0.4

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 6EQ: Redo Exercise 5, assuming that the house blend contains 300 grams of Colombian beans, 50 grams of...
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Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its outputs to Services and keeps the rest, while Services sells 60% of its output to Goods and retains the rest. Find equilibrium prices for the annual outputs of the Goods and Services sectors that make each sector's income match its expenditures. 0.2 Goods 0.8 0.6 Services Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and Ps, respectively. If ps = $1000, then PG = $ (Type an integer or a decimal.) 0.4
Transcribed Image Text:Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its outputs to Services and keeps the rest, while Services sells 60% of its output to Goods and retains the rest. Find equilibrium prices for the annual outputs of the Goods and Services sectors that make each sector's income match its expenditures. 0.2 Goods 0.8 0.6 Services Denote the prices (that is, dollar values) of the total annual outputs of the Goods and Services sectors by PG and Ps, respectively. If ps = $1000, then PG = $ (Type an integer or a decimal.) 0.4
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