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 =$
Homework Answers
Answer #1
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