Essay
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 0.2 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.3 unit of agricultural products and 0.2 unit of manufactured goods.
Find the gross output of goods needed to satisfy a consumer demand for $50 million worth of agricultural products and $250 million worth of manufactured products. Round answers to two decimal places, if necessary.
$__________ million worth of agricultural goods
$__________ million worth of manufactured products.
Correct Answer:
Verified
Correct Answer:
Verified
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