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

question 234

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 value of goods and transportation consumed in the internal process of production to satisfy a consumer demand for $200 million worth of agricultural products, $100 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:

Acres

A unit of land area used in the imperial and US customary systems, equivalent to 4,840 square yards or 43,560 square feet.

Rent

Payment made to use or occupy land, a building, machinery, or other assets for a specified period under a lease agreement.

MRP

An abbreviation for Marginal Revenue Product, which is the additional revenue generated from employing one more unit of a factor, such as labor or capital.

Workers

Individuals engaged in a profession or activity, especially one involving manual or physical labor, contributing to the production of goods and services in an economy.