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.

Name: Assume an economy with 3 industries. To produce $1 of the output of i
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Description: Assume an economy with 3 industries. To produce $1 of the output of industry Irequires $0.4 worth of industry II, $0.3 worth of industry III and $0.1 of its ownproduct. To produce $1 of the output of industry Il requires $0.3 worth ofindustry I, $0.

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...

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Suppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry requires $0.30 of coal and $0.70 of steel. Every $1 produced by steel requires $0.80 of coal and $0.20 of steel. Find the annual production (output) of coal and steel if the total annual production is $20 million.
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