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
Rahul Sunny answered 1 year agoRelated Solutions
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