A certain closed economy consists of two sectors: goods and services.Suppose that 60% of all goods and 30% of all services. are used in theproduction of goods. What proportion of the total economic output is usedin the production of goods?

A certain closed economy consists of two sectors: goods and services.Suppose that 60% of all goods and 30% of all services. are used in theproduction of goods. What proportion of the total economic output is usedin the production of goods?

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 24EQ: Suppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry...

See similar textbooks

Related questions

Q: Consider a competitive market where the intersection of the demand and supply curves determine the…

A: Ans : If we fit a OLS line through observed quantity-price outcomes using log quantity-log price…

Q: A small company manufactures three different electronic components for computers. Component A…

A: Let, x1 represent the number of component A x2 represent the number of component B x3 represent the…

Q: How many kilograms of each food should Sofia buy each month to keep costs at a minimum?

A: Tabulation Protein Carbohydrates Fat Prize/kg in P Food A…

Q: The cost of producing a particular type of auto- mobile in four different countries is shown in the…

A: We know, Total Cost (TC) = Fixed Cost + Variable cost and, Average cost of Production = Total Cost…

Q: A diesel engine uses Type A filter and high-grade lubricating oil costing P5.50 per liter. With this…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: Due to new environmental restrictions, Hoch Industries must use a new process to reduce pollution.…

A: We have that the old process emits 6 g of CO2 per litre of chemical made and the new process emits 2…

Q: Assume that producing 1 unit of calcium requires 0.1 units of calcium, 0 units of hydrogen, and 0…

A: We using the formula that relates the technology matrix and demand vector.

Q: Explain the four possibilities for a nondegenerate trajectory of the autonomous system ?

A: Let the nondegenerate trajectory of the autonomous system is given as:

Q: Suppose the coal and steel industries form an open economy. Every $1 produced by the coal industry…

A: (a) Consider the table as per the given information, Coal Steel Coal 0.15 0.25 Steel 0.2…

Q: Assume that producing 1 unit of calcium requires 0.1 units of calcium, 0 units of hydrogen, and 0.2…

Q: An economy has three industries, farming, building, and clothing. For every dollar of food produced,…

Q: Assume that producing 1 unit of calcium requires 0.1 units of calcium, 0.2 units of hydrogen, and 0…

A: Given: producing 1 unit of calcium requires 0.1 units of calcium, 0.2 units of hydrogen, and 0 units…

Q: A small company manufactued three different electronic componenets for computers. Component A…

Q: A company has 4 production facilities. Each facility is eligible to produce Product A, Product B or…

A: Let X ij be a binary variable such that X ij=1 indicates that product j is produced at facility i…

Q: A company manufactures two products A and B, and each of these products must be processed on two…

A: 1. Let x be the number of units of product A. Let y be the number of units of product B. 2. Here the…

Q: a hospital ward, the patients can be grouped into two general categories depending on their…

A: Let x be the oz per serving of diet A and y be the oz per serving of diet B. From the given…

Q: Assume that producing 1 unit of calcium requires 0.4 units of calcium, 0.2 units of hydrogen, and…

Q: In the discussion of economic lot size, use the critical point theorem to show that V(2fM)/k is the…

A: Critical point theorem : "Suppose a function f is continuous on an interval I and that f…

Q: Wood and Paper Two sectors of the U.S. economy are (1) lumber and wood products and (2) paper and…

A: Here in the given question, the input- output table is given as: ToWoodPaperform Wood370005000form…

Q: A plant food is made from three chemicals, labeled I, II, and III. In each batch of the plant food,…

A: Given - A plant food is made from three chemicals , labeled I, II, III . In each batch of plant…

Q: A company makes two products (X and Y) using two machines (A and B). Each unit of X that is produced…

A: Let x be the number of units of X produced x be the number of units of X produced in the current…

Q: If the junction point is the origin of a nonlinear system, then the Libanov function can be used to…

A: We have to find whether statement is true or false

Q: Assume an economy with 3 industries. To produce $1 of the output of industry I requires $0.4 worth…

A: According to the given information, an economy has 3 industries.

Q: fabrication and 2 hours of assembly. The company has up to 950 labor-hours of fabrication time and…

A: Linear Programing Problem: A small company manufactures three different electronic components for…

Q: Suppose a primitive economy consists of two industries, farm products and farm machinery. Suppose…

A: Given, To make one unit of products: 0.6 units of products and 0.2 units of machinery are required.…

Q: In the Erlang loss model, system A has 5 servers and an implied utilization of 125 percent,while…

A: Consider the notations, p = processing time per unit, a = interarrival time, m = number of servers,…

Q: Consider a labor market for men and women with two types of workers in each group, high ability (H…

A: Given information: H types among men and women have a productivity of 70 and L types among men and…

Q: Company A receives large shipments of microprocessors from Company B. It must try to ensure the…

Q: Assume an economy with 3 industries. To produce $1 of the output of industry I requires $0.4 worth…

A: According to the given information, an economy has 3 industries.

Q: A small company manufactures three different electronic components for computers. Component A…

A: Form the given word problem, the following Linear programming problem has been derived We need to…

Q: A noultry farmer must supplement the vitamins in the feed he buys. He is con- idering two…

A: To solve the Linear programming problem, proceed as follows. The cost of supplement I per gram is…

Q: A firm manufactures a commodity at two different factories, Factory X and Factory Y. The total cost…

A: A)

Q: Consider a simple economy consisting of three sectors: food, clothing, and shelter. The production…

A: According to the question, we have the matrix

Q: a) RDL Corporation has one small plant located on the outskirts of Manila. Its production is limited…

A: First, we have to set up the linear programming model. Then, we can proceed further.

Q: Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its…

A: It is required to find the equilibrium prices for the annual outputs of the Goods and Services…

Q: A manufacturer produces two models of racing bike, B and C, each of which must be processed through…

A: Identify the decision variables, to formulate the given problem as a linear programming problem.…

Q: Example 2: Orange Soda A manufacturer of soft drinks advertises their orange soda as "naturally…

A: A soft drink(natural) containing 10% orange juice prepared using 5% orange soda and pure(100%)…

Q: An economy is based on three sectors: Agriculture, Manufacturing, and Energy. Production of a dolar…

Q: 3. Consider a casual liner time-invariant system whose system function is

Q: An advertising firm desires to reach two types of audiences-customers with annual income of more…

A: The following steps are used to find the solution of the linear programming problem by simplex…

Q: Suppose that banks aim to hold reserves equal to 8 per cent of deposits. Also suppose that desired…

A: Given: Reserve requirements = 8% Desired holdings of currencies = 2% Additional bank reserves = $50m

Q: A small company manufactures three different electronic components for computers. Component A…

A: Introduction: By entering predetermined values for the variables in the equations and finding…

Q: Suppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry…

A: Given: Every $1 produced by the coal industry requires $0.30 of coal and $0.70 of steel. Every $1…

Q: Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals…

A: a we have Distribution of Output form: A=0.10.70.50.30.10.30.60.20.2 when expanses and income…

Q: A diabetic patient needs at least 30 units of vitamin A, at least 45 of vitamin C, and at least 30…

A: Let x and y denote the number of brand X and brand Y capsules daily taken respectively. Cost of…

Q: A čát breeder has the following amounts of cat food: 120 units of tuna, 110 units of liver, and 80…

A: Given data: Let x1be the number of Siamese cats. Let x2 be the number of Persian cats. 3x1+2x2≤120…

Q: The input-output table for a two-sector economy is given as follows: Input to Sector Input to Sector…

A: Input-Output analysis is a type of economic model that describes the interdependent relationships…

Q: Suppose an economy has only two sectors: Goods and Services. Each year, Goods sells 80% of its…

A: Let pG be the price of the goods and pS be the price of the services.So, annual output for goods =…

Q: An economy has three industries, farming, building, and clothing. For every dollar of food produced,…

Question

A certain closed economy consists of two sectors: goods and services.
Suppose that 60% of all goods and 30% of all services. are used in the
production of goods. What proportion of the total economic output is used
in the production of goods?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Relations$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions

23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.
Redo Exercise 5, assuming that the house blend contains 300 grams of Colombian beans, 50 grams of Kenyan beans, and 150 grams of French roast beans and the gourmet blend contains 100 grams of Colombian beans, 350 grams of Kenyan beans, and 50 grams of French roast beans. This time the merchant has on hand 30 kilograms of Colombian beans, 15 kilograms of Kenyan beans, and 15 kilograms of French roast beans. Suppose one bag of the house blend produces a profit of $0.50, one bag of the special blend produces a profit of $1.50, and one bag of the gourmet blend produces a profit of $2.00. How many bags of each type should the merchant prepare if he wants to use up all of the beans and maximize his profit? What is the maximum profit?
Suppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry requires $0.30 of coal and $0.70 of steel. Every $1 produced by steel requires $0.80 of coal and $0.20 of steel. Find the annual production (output) of coal and steel if the total annual production is $20 million.
If during the following year it is predicted that each comedy skit will generate 30 thousand and each musical number 20 thousand, find the maximum income for the year. A television program director must schedule comedy skits and musical numbers for prime-time variety shows. Each comedy skit requires 2 hours of rehearsal time, costs 3000, and brings in 20,000 from the shows sponsors. Each musical number requires 1 hour of rehearsal time, costs 6000, and generates 12,000. If 250 hours are available for rehearsal and 600,000 is budgeted for comedy and music, how many segments of each type should be produced to maximize income? Find the maximum income.
Suppose one canoe rents for 40,and2 is taken off the price for each additional canoe rented by a ground. What size group gives the most income? Assume that there are 20 canoes available.