Coal, steel. An economy is based on two industrial sectors, coal and steel. Production of a dollar's worth of coal requires an input of $ 0.10 from the coal sector and $ 0.20 from the steel sector. Production of a dollar's worth of steel requires an input of $ 0.20 from the coal sector and $ 0.40 from the steel sector. Find the output for each sector that is needed to satisfy a final demand of $ 20 billion for coal and $ 10 billion for steel.
Coal, steel. An economy is based on two industrial sectors, coal and steel. Production of a dollar's worth of coal requires an input of $ 0.10 from the coal sector and $ 0.20 from the steel sector. Production of a dollar's worth of steel requires an input of $ 0.20 from the coal sector and $ 0.40 from the steel sector. Find the output for each sector that is needed to satisfy a final demand of $ 20 billion for coal and $ 10 billion for steel.
Solution Summary: The author calculates the output of two sectors, coal and steel, to satisfy a final demand of 20 billion for coal, and 10 for steel.
Coal, steel. An economy is based on two industrial sectors, coal and steel. Production of a dollar's worth of coal requires an input of
$
0.10
from the coal sector and
$
0.20
from the steel sector. Production of a dollar's worth of steel requires an input of
$
0.20
from the coal sector and
$
0.40
from the steel sector. Find the output for each sector that is needed to satisfy a final demand of
$
20
billion for coal and
$
10
billion for steel.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.