ZuoTi.Pro
Question

Consider an economy with six product-producing sectors and one non-producing sector, described by the following table, where(b) Suppose the open sector consumes Sw of widgets, $2w of gizmoes, $3w of doohickies, $4w of thingamabobs, $5w of wotsamajig

Consider an economy with six product-producing sectors and one non-producing sector, described by the following table, where the input is in dollars needed for $1.00 of output. 1. Input Required per Dollar Output Widgets Gi |Doohickies | Thingamabobs Wotsamajigies Hoosywotsits 1/6 1/6 1/6 1/6 1/6 1/6 1/8 1/8 1/8 1/8 1/8 1/8 1/9 1/9 1/9 1/9 1/9 1/9 1/10 1/10 1/10 1/10 1/10 1/10 Widgets Gizmoes Thingamabobs Wotsamajigies Hoosywotsits In answering the following questions, you are free to use Mathematica to perform any necessary calculations. However, your written answers must clearly explain the underlying concepts, and you must meaningfully interpret your results (a) Is the consumption matrix corresponding to this economy productive?
(b) Suppose the open sector consumes Sw of widgets, $2w of gizmoes, $3w of doohickies, $4w of thingamabobs, $5w of wotsamajigies and S6w of hoosywotsits. What dollar output of doohickies must the economy produce in order to satisfy demand?
math   Advanced-Math   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Aven从 A Cons an econM Poinge onrshef each inec o e Sum eac The Sueach o GluMs uns s ean 1bSurt aP Row 6 0 125 0-28 5 185+ 0125 04 o tu 6 1 24 F) o.S3 +0J1た 0.66.O-66 o 985 ナKotw-5 0 53 0 125 6 ou Coloumn 016 0 1632 0.8 +0.162 o96Column 2.3,u, 5ς1 0125 s 0.25 +0.12厂-0.39-S 0-39s+0-125 Porn khe Cal ada ion 100 YOM a bove we can a your rel Consune 20Me t

0 0
Add a comment
Know the answer?
Add Answer to:
Consider an economy with six product-producing sectors and one non-producing sector, described by...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Consider the following closed economy: There are three sectors: S, S2, S3. Sector one consumes 90...

    Consider the following closed economy: There are three sectors: S, S2, S3. Sector one consumes 90 percent of it's own product, sells 10 percent to sector two and nothing to sector three. Sector two consumes 40 percent of it's own product, sells 40 percent to sector one and 2 percent to sector three. Sector three consumes 20 percent of it's own product, sells 40 percent to sector 1 and 40 percent to sector 2. 1. Write a se t of...

  • Consider a capitalist economy which has two sectors: one producing food and the other machine-tools. Assume...

    Consider a capitalist economy which has two sectors: one producing food and the other machine-tools. Assume that capitalists and workers spend their entire earnings on the food. A worker earns $40, 000 in year in either sector. In the food sector, 200 workers work with machines/tools worth $4,000,000 and produce food worth $ 14,000,000 in a year. In the machine/tool sector 100 workers work with machine tools worth $8,000,000 to produce machine/tools worth $18,000, 000 in a year. What is...

  • 1. Difference between sector sparing and sector slipping is A) sector sparing uses spare sectors while...

    1. Difference between sector sparing and sector slipping is A) sector sparing uses spare sectors while sector slipping does not. B) sector sparing results in copying of a single sector while sector slipping may result in copying of multiple sectors. C) sector sparing can help recover from hard errors while sector slipping cannot. D) sector slipping can help recover from hard errors while sector sparing cannot. 2. Which of the following is FALSE about swap space use? A) Swap space...

  • Consider a small open economy (e.g. the Netherlands) producing two goods, clothing and food. The clothing...

    Consider a small open economy (e.g. the Netherlands) producing two goods, clothing and food. The clothing industry uses capital (K) and labor (LC) as inputs, while the food industry uses land (La) and labor (LF ) as factors of production. The production technologies for the two industries are given by QC = K ¼ LC 3/4 ; QF = La1/2L F 1/2 . Also, the country is endowed with 216 units of capital, 360 units of labor, and 9 units...

  • Consider an economy with only one good, wheat, and no money. Wheat can be planted in...

    Consider an economy with only one good, wheat, and no money. Wheat can be planted in one period in order to produce more wheat in the next period. You want to grow some wheat but you have none, so you need to borrow some to get started. The quantity of wheat that you will produce in the next period (output) as a function of the quantity that you plant this period (investment) is as follows. Investment            Output 1                               3 2                              ...

  • Question 1 Question 3 At one time, mest of the watches produced in Germany were sold...

    Question 1 Question 3 At one time, mest of the watches produced in Germany were sold in Germany. Today, hewever, Germany both experts and imports watches, How could comparative advantage explain these data? The law of diminishing returns states that as additional increments of resources those additional increments_ the marginal bene it from Select the correct answer below Select the correct answer below: It cannot: comparative advantage predicts that a country either exports a product or imports it, not both...

  • C. Consider an economy described by the following equations: Y = C+I+G+NX K = 2,500 40,000...

    C. Consider an economy described by the following equations: Y = C+I+G+NX K = 2,500 40,000 = K0.5 0.5 = 2000 T = 2000 C = 600+.8 (Y-T) I = 2000 - 40r NX = 1000 - 400€ - 0.002Y T = r = 10 1. [4 points) What is the long-run level of output? 2. [7 points) What is the equilibrium value of the real exchange rate? 3. [9 points) What are the equilibrium values of national saving, investment...

  • Consider and economy described below: Cd=2800+.5(Y-T)-8000r; IP=2200-8000r; G=2200; T=3500 If the potential output equ...

    Consider and economy described below: Cd=2800+.5(Y-T)-8000r; IP=2200-8000r; G=2200; T=3500 If the potential output equals 8980 and the natural rate of unemployment is 3 percent. What interest rate should the central bank set to bring the economy to full employment? 1 percent 6 percent 9 percent 10 percent Real GDP is $20 billion, nominal GDP is $25 billion, M1 is $6 billion and M3 is$8 billion. The velocity is a. 2.9 for both M1 and M3 b. 3.6 for both M1...

  • 1. Which of the following would be considered more closely related to macroeconomics? A) a firm...

    1. Which of the following would be considered more closely related to macroeconomics? A) a firm deciding how many workers to hire. B) a household deciding how much to spend on groceries. C) a government economist forecasting the unemployment rate. D) a business trying to decide how much outuput to produce. - 2. Which of the following is an example of using the scientific method with a natural experiment? A) Measuring how long it takes a marble to fall from...

  • 1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40...

    1. Consumer’s utility function is: U (X,Y) = 10X + Y. Consumer’s income M is 40 euros, the price per unit of good X (i.e. Px ) is 5 euros and the price per unit of good Y (i.e. Py) is 1 euro. a) What is the marginal utility of good X (MUx) for the consumer? ( Answer: MUx = 10) b) What is the marginal utility of good Y (MUy) for the consumer? ( Answer: MUy = 1) c)...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT