A Simple Economy Consists of Three Sectors: Agriculture (A), Manufacturing

question 100

Short Answer

A simple economy consists of three sectors: agriculture (A), manufacturing (M), and transportation (T). The input-output matrix for this economy is given by
​
A M T If the units are measured in millions of dollars, determine the amount of agricultural products consumed in the production of $300 million worth of manufactured goods.
$ __________ million

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Definitions:

Diffusion Curve

A graphical representation showing the rate and pattern of adoption of a new product, technology, or idea over time among members of a social system.

Maturity Phase

A stage in the product life cycle where sales growth stabilizes, and the product is well established in the market, facing increased competition.

Market Segments

The process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics.

New-To-The-World

Products or services that create an entirely new market by being the first of their kind.