Two Sectors of Some Economy Are Sector 1 and Sector $$( I - A ) ^ { - 1 }$$

question 74

Short Answer

Two sectors of some economy are Sector 1 and Sector 2. The input-output table involving these two sectors results in the following value for $$( I - A ) ^ { - 1 }$$ $$( I - A ) ^ { - 1 } = \left[ \begin{array} { l l } 1.313 & 0.162 \\0.007 & 1.1331\end{array} \right]$$
How many additional dollars worth of production of Sector 2 must be produced to meet a $1 increase in the demand for products of Sector 1 Round your answer to three decimal places.

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Definitions:

Price Of Inputs

The cost associated with acquiring the raw materials or factors used in the production of goods and services.

Number Of Consumers

The total count of individuals or entities that purchase or are potential purchasers of goods and services in a given market.

Surplus

The situation that occurs when the quantity supplied of a good exceeds the quantity demanded at a given price.

Market For Candy

A consumer market segment dealing with the buying and selling of various types of candies.