Question
In: Statistics and Probability
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 |
answer is wrong
(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 |
Solutions
orchestra answered 1 year agoRelated Solutions
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...
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...
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...
Consider an economy with two industries: auto manufacturing and aircraft manufacturing. a. If workers in these...
Consider an economy with two industries: auto manufacturing and
aircraft manufacturing.
a. If workers in these two industries
require similar amounts of training, and if workers at the
beginning of their careers could choose which industry to train
for, what would you expect to happen to the wages in these two
industries? How long would this process take? Explain?
b. Suppose that one day the economy
opens itself to international trade and as a result, starts
importing autos and exporting...
1. Use the specific-factors model to answer question 1. Assume that there are two industries, agriculture...
1. Use the specific-factors model to answer question 1. Assume
that there are two industries, agriculture and manufacturing. The
agricultural industry uses labor and land as inputs while the
manufacturing industry uses labor and capital as inputs. The
production function for each good is as follows:
Agriculture Production Function
Land
Labor
QA
20
0
0
20
1
12
20
2
22
20
3
30
20
4
36
20
5
40
20
6
42
Manufacturing Production Function
Capital
Labor
QM ...
1. Consider the production possibility frontier for a simple two-good (closed) economy. Quantities of good x...
1. Consider the production possibility frontier for a simple
two-good (closed) economy. Quantities of good x produced are
plotted on the horizontal axis. Quantities of good y produced are
plotted on the vertical axis. Suppose that the production of both x
and y depends only on labor input and that the production functions
for these goods are: x = f(lx) = lx and y =
f(ly) = ly. Total labor supply is limited by:
lx + ly = 100. The...
A local manufacturing company builds two products on the same production line that consists of seven...
A local manufacturing company builds two products on the same
production line that consists of seven workstations. The times in
hours and process stations are listed below. Process 1 Process 2
Process 3 Process 4 Process 5 Process 6 Process 7 Product A 0.25
1.75 1.0 1.5 1.5 2.75 0.25 Product B 0.25 0.75 0.5 1.5 0.5 0.75
0.25 The standard times for Product A is 9.0 hours and Product B is
4.5 hours. The company averages 22 units of...
The input-output matrix for a simplified economy with just three sectors (agriculture, manufacturing, and households) is...
The input-output matrix for a simplified economy with just
three sectors (agriculture, manufacturing, and households) is
given below.
Agriculture Manufacturing Households
Agriculture
Manufacturing
Households
0.29
0.44
0.105
0.12
0.11
0.115
0.76
3.53
0.123
A. How many units from each sector does the agriculture sector
require to produce 1 unit?
The agriculture sector requires _____units from agriculture,
____units from manufacturing, and ___units from households.
B. What production levels are needed to meet a demand of 32
units of agriculture, 34 units...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Suppose Rialto is the only movie cinema in a small college town, so it is essentially...
- With VMI, members of the supply chain share planning, demand, forecasting, and inventory information.
- Large lots are desirable in supply chain coordination despite increasing holding costs.
- ***Convert the C++ to Python*** #include <iostream> using std::cout; using std::cin; using std::endl; int charClass; char...
- Make-or-Buy Decision Fremont Computer Company has been purchasing carrying cases for its portable computers at a...
- The following costs were incurred for the single product produced during the first year of operations...
- Non-constant growth model: Do=$2.00 required return on equity= 5% g= 9% n=1,2 g=7% n=3,4 g=3% n=5...
ADVERTISEMENT