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In: Advanced Math

The​ input-output matrix for a simplified economy with just four sectors​ (natural resources,​ manufacturing, trade and​...

The​ input-output matrix for a simplified economy with just four sectors​ (natural resources,​ manufacturing, trade and​ services, and personal​ consumption) is given below. Suppose the demand​ (in millions of​ dollars) matrix is matrix D given below. Find the amount each sector should produce.

Natural

nbsp Resources nbsp Resources

nbsp Manufacturing nbsp Manufacturing

nbsp Trade and nbsp Trade and

Services

Personal

nbsp Consumption nbsp Consumption

 Upper D equals Start 4 By 1 Table 1st Row 1st Column 451 2nd Row 1st Column 301 3rd Row 1st Column 126 4st Row 1st Column 100 EndTableD=
451
301
126
100

Natural Resources

0.1044

0.0428

0.0028

0.0032

Manufacturing

0.0826

0.1088

0.0584

0.0322

Trade and Services

0.0867

0.1019

0.2033

0.3556

Personal ConsumptionPersonal Consumption

0.6254

0.3449

0.6107

0.0799

Production levels of

units from natural​ resources,

units from​ manufacturing,

units from trade and​ services, and

units from personal consumption are needed.

​(Round to the nearest whole number as​ needed.)

Solutions

Expert Solution

  


Production levels of 3472 units from natural​ resources, 2265 units from​ manufacturing, -4887 units from trade and​ services, and 1653 units from personal consumption are needed.

Colby Messinger answered 1 year ago
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