Essay
A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.4 unit of agricultural products and 0.3 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.2 unit of agricultural products and 0.3 unit of manufactured goods.
Find the gross output of goods if the consumer demand for the output of agricultural goods and the consumer demand for manufactured products are $120 million and $140 million, respectively. Round answers to two decimal places, if necessary.
$__________ million worth of agricultural goods
$__________ million worth of manufactured products.
Find the value of the goods consumed in the internal process of production in order to meet the gross output. 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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