The economy of a small island nation is based on two sectors, coal and steel. Production of a dollar's worth of coal requires an input of $0.18 from coal and $0.21 from steel. Production of a dollar's worth of steel requires an input of $0.46 from coal and $0.12 from steel. Find the output from each sector that is needed to satisfy a final demand of $36 million for coal and $43 million for steel. The output from the coal sector is approximately $ million. (Round to the nearest million.)

The economy of a small island nation is based on two sectors, coal and steel. Production of a dollar's worth of coal requires an input of $0.18 from coal and $0.21 from steel. Production of a dollar's worth of steel requires an input of $0.46 from coal and $0.12 from steel. Find the output from each sector that is needed to satisfy a final demand of $36 million for coal and $43 million for steel. The output from the coal sector is approximately $ million. (Round to the nearest million.)

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 2SQ

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