The economy of a small island nation is based on two sectors, agriculture and tourism. Production...
The economy of a small island nation is based on two sectors, agriculture and tourism. Production of a dollar's worth of agriculture requires an input of $0.39 from agriculture and $0.44 from tourism. Production of a dollar's worth of tourism requires an input of $0.43 from agriculture and $ 0.28 from tourism. Find the output from each sector that is needed to satisfy a final demand of $40 million for agriculture and $74 million for tourism.
Homework Answers
The amount of agricultural output (a, in millions) needed to satisfy the final demand and the demands of production will be
a = 40 + .39a + .43t
and the amount of tourism output (t, in millions) needed to satisfy the final demand and the demands of production will be
t = 74 + .44a + .28t
These two equations in two unknowns can be solved by any of the usual methods to get
a = 242.48
t = 250.96
The output from the agriculture sector required to satisfy a final demand of $40 million and the needs of production is $242.48 million.
The output from the tourism sector required to satisfy a final demand of $74 million and the needs of production is $250.96 million.
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production of a dollars worth of agriculture is
agriculture 0.30$
manufacture 0.30$
energy 0.30$
production of dollars worth of manufacture is
agricultrue 0.30$
manufacture 0.30$
energy 0.30$
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