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