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

question 246

Essay

A simple economy consists of three sectors: agriculture (A), manufacturing (M), and transportation (T).The input-output matrix for this economy is given by
​ Find the gross output of goods needed to satisfy a consumer demand for $100 million worth of agricultural products, $300 million worth of manufactured products, and $20 million worth of transportation. Round each number to two decimal places, if necessary.
$__________ million worth of agricultural products
$__________ million worth of manufactured goods
$__________ million worth of transportation

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Definitions:

Consensual Validation

The process of seeking confirmation from others that one's own perceptions and beliefs are correct.

Group Decision Making

The process where a group of individuals come together to make a decision, often involving discussions, debates, and consensus-building among members.

Semiautonomous Teams

Groups of workers who are given the freedom to manage their own processes and tasks within a project, though under some level of supervision.

Self-Managed Work Teams

Groups of employees who collectively manage their tasks, responsibilities, and decision-making processes without traditional managerial supervision.