Math Problem Statement
An economy is based on three sectors, agriculture, manufacturing, and energy. Production of a dollar's worth of agriculture requires inputs of
$0.300.30
from agriculture,
$ 0.30$0.30
from manufacturing, and
$0.200.20
from energy. Production of a dollar's worth of manufacturing requires inputs of
$0.200.20
from agriculture,
$0.200.20
from manufacturing, and
$0.300.30
from energy. Production of a dollar's worth of energy requires inputs of
$0.300.30
from agriculture,
$0.400.40
from manufacturing, and
$0.300.30
from energy.
Find the output for each sector that is needed to satisfy a final demand of
$2828
billion for agriculture,
$3939
billion for manufacturing, and
$8080
billion for energy.
Question content area bottom
Part 1
The output of the agricultural sector is
267.943267.943
billion dollars.
(Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)
Part 2
The output of the manufacturing sector is
enter your response here
billion dollars.
(Round the final answer to three decimal places as needed. Round all intermediate values to six decimal places as needed.)
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Linear Algebra
Input-Output Model
System of Equations
Formulas
A = 0.30A + 0.30M + 0.20E + 28
M = 0.20A + 0.20M + 0.30E + 39
E = 0.30A + 0.40M + 0.30E + 80
Theorems
Cramer’s Rule
Matrix Inversion
Suitable Grade Level
Grades 11-12
Related Recommendation
Solve Linear System for Economy with Three Sectors: Agriculture, Manufacturing, and Energy
Input-Output Analysis for Sector Output Calculation in an Economy
Leontief Input-Output Model in a Three-Sector Economy
Calculating Sector Outputs in a Three-Sector Economy Using Matrix Inversion
Solving an Economic Input-Output Model with Three Sectors