Question

In: Economics

The economy of a small island nation is based on two​ sectors, agriculture and tourism. Production...

The economy of a small island nation is based on two​ sectors, agriculture and tourism. Production of a​ dollar's worth of agriculture requires an input of $0.25 from agriculture and $0.41 from tourism. Production of a​ dollar's worth of tourism requires an input of $0.50 from agriculture and $0.31 from tourism. Find the output from each sector that is needed to satisfy a final demand of $25 million for agriculture and $63 million for tourism.

The output from the agriculture sector is approximately

_____ (Round to the nearest​ million.)

The output from the tourism sector is approximately

_____ ​(Round to the nearest​ million.)

Solutions

Expert Solution


Related Solutions

(Solve via Excel) The economy of a small island nation is based on two​ sectors, agriculture...
(Solve via Excel) The economy of a small island nation is based on two​ sectors, agriculture and tourism. Production of a​ dollar's worth of agriculture requires an input of $ 0.35 from agriculture and $0.40 from tourism. Production of a​ dollar's worth of tourism requires an input of $0.43 from agriculture and $0.12 from tourism. Find the output from each sector that is needed to satisfy a final demand of $42 million for agriculture and $47 million for tourism. -...
An economy is based on three sectors, agriculture, manufacturing, and energy. Production of adollar’s worth of...
An economy is based on three sectors, agriculture, manufacturing, and energy. Production of adollar’s worth of agriculture requires inputs of $0.30 from agriculture, $ 0.30 frommanufacturing, and $0.30 from energy. Production of a dollar’s worth of manufacturing requires inputs of $0.30 from agriculture, $0.20 from manufacturing, and $0.20 from energy. Production of a dollar’s worth of energy requires inputs of $0.20 from agriculture, $0.30 frommanufacturing, and $0.30 from energy. Find the output for each sector that is needed to satisfy...
Consider an economy with two sectors: agriculture and production of computers. There are two factors used...
Consider an economy with two sectors: agriculture and production of computers. There are two factors used in the production of both industries: labor, mobile between the industries, land specific to agricultural production and capital specific to the production of computers. This economy is involved in international trade and workers spend most of their earnings on computers. Now assume that the world price of agricultural products increases and the price of computers does not change, then A.Both nominal and real wages...
Consider an economy with two sectors: agriculture and production of fidget spinners. There are two factors...
Consider an economy with two sectors: agriculture and production of fidget spinners. There are two factors used in the production of both industries: labor, mobile between the industries, land specific to agricultural production and capital specific to the production of fidget spinners. This economy is involved international trade andworkers spend most of their earnings on agricultural products. Now assume that the world price of agricultural products decreases and price of fidget spinners does not change, then A. Nominal wage of...
​There are only three sectors (X. Y, Z) in the economy of a small island.
There are only three sectors (X. Y, Z) in the economy of a small island.  a) Calculate the Nominal GDP, Real GDP, GDP deflator, and Economic growth for the each year. The base year is 2009 b) Briefly define the term GDP and explain some of the limitations of the GDP statistic. c) Briefly explain what Economist mean when they use the term "business cycle"? Please include its components. In the table above identify the years of growth and the years that experienced...
You are examining the economy of a very small, completely isolated island nation. There are only...
You are examining the economy of a very small, completely isolated island nation. There are only three people on this island: Felix, Dmitri Chekov, and David. Felix owns a house valued at $1,040 and owes David $540. Dmitri Chekov owns a house valued at $3,040 and owes David $2,040. David’s house is valued at $1,540. Derive the balance sheet of this island economy.
Assume in USA economy can be divided into two sectors, production and service sectors and 50%...
Assume in USA economy can be divided into two sectors, production and service sectors and 50% of people oldert han 30 within the labor force work in production sector, while only 10% of people younger than 30 within the labor force work in the production sector, while 10% of men and 20% of women within the labor force work in production sector. For both groups, the rest of the workers works in the service sector. (Assume there is no unemployment.)...
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...
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 $100 million worth of agricultural products and $160 million worth...
Question 1b The economy of Ghana is made up of three sectors namely: Agriculture, Industry and...
Question 1b The economy of Ghana is made up of three sectors namely: Agriculture, Industry and Services. These three sectors contribute to the national output. For decades prior to the 2000s, the Agricultural sector contributed the most to the national output. Sadly, in recent years however, the sector has been the least contributor to national output. Trends in production of major food crops such as maize, rice and sorghum show that on-farm productivity has stagnated and the exploitable difference between...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT