Question
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=
|
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
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 2 years agoRelated Solutions
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