Question

A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of...

A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.2 unit of agricultural products and 0.3 unit of manufactured goods. The production of 1 unit of manufactured goods requires the consumption of 0.4 unit of agricultural products and 0.3 unit of manufactured goods.

a)  Find the total output of goods needed to satisfy a consumer demand for $120 million worth of agricultural products and $170 million worth of manufactured goods. (Round your answers to one decimal place.)

agricultural products = $

manufactured goods =$

b) Find the value of the goods consumed in the internal process of production in order to meet the gross output. (Round your answers to one decimal place.)

agricultural products=$

manufactured goods =$

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