This exercise requires the use of technology.Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products. Suppose in 1978-79 the input-output table involving these four sectors was as follows (all figures are in millions of Australian dollars).To1234From 1678.13.73,341.61,023.4215.86.917.8124.6347.94.1893.8145.14312.522.783.1693.3Total Output9,401.7685.66,997.34,818.1(a) How much additional production by the meat and milk sector is necessary to accommodate a $100 increase in the demand for agriculture? (Round your answer to two decimal places.)$ million(b) Which sector requires most of its own product in order to meet a $1 increase in external demand for that product?agriculture forestry, fishing, and hunting meat and milk products other food products

Name: This exercise requires the use of technology.Four sectors of the Austr
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Description: This exercise requires the use of technology.Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products. Suppose in 1978-79 the input-output table involving

(a)Consider the given input-output table,Since, increase in the demand for agriculture is $100.That…

Answered: This exercise requires the use of…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 2EQ: 2. Suppose that in Example 2.27, 400 units of food A, 500 units of B, and 600 units of C are placed...

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This exercise requires the use of technology.

Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products. Suppose in 1978-79 the input-output table involving these four sectors was as follows (all figures are in millions of Australian dollars).

To	1	2	3	4
From 1	678.1	3.7	3,341.6	1,023.4
2	15.8	6.9	17.8	124.6
3	47.9	4.1	893.8	145.1
4	312.5	22.7	83.1	693.3
Total Output	9,401.7	685.6	6,997.3	4,818.1

(a) How much additional production by the meat and milk sector is necessary to accommodate a $100 increase in the demand for agriculture? (Round your answer to two decimal places.)
$ million

(b) Which sector requires most of its own product in order to meet a $1 increase in external demand for that product?

agriculture forestry, fishing, and hunting meat and milk products other food products

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