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
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An economy is based on three sectors, agriculture, manufacturing, and energy. Production of adollar’s worth of...
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The output from the agriculture...
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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...
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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 =
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A local manufacturing company builds two products on the same production line that consists of seven...
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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...
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