A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.3 unit of agricultural products and 0.2 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.4 unit of agricultural products and 0.1 unit of manufactured goods.
Find the value of the goods consumed in the internal process of production needed to satisfy a consumer demand for $50 million worth of agricultural products and $300 million worth of manufactured products. Round answers to two decimal places.

A) $243.92 million and $85.02 million worth of agricultural goods and manufactured products respectively
B) $243.92 million and $100.00 million worth of agricultural goods and manufactured products respectively
C) $250.00 million and $100.00 million worth of agricultural goods and manufactured products respectively
D) $250.00 million and $85.02 million worth of agricultural goods and manufactured products respectively

Question

A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.3 unit of agricultural products and 0.2 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.4 unit of agricultural products and 0.1 unit of manufactured goods. ​
Find the value of the goods consumed in the internal process of production needed to satisfy a consumer demand for $50 million worth of agricultural products and $300 million worth of manufactured products. Round answers to two decimal places.
​
A) $243.92 million and $85.02 million worth of agricultural goods and manufactured products respectively
B) $243.92 million and $100.00 million worth of agricultural goods and manufactured products respectively
C) $250.00 million and $100.00 million worth of agricultural goods and manufactured products respectively
D) $250.00 million and $85.02 million worth of agricultural goods and manufactured products respectively

Quizplus · Accepted Answer

The Answer of A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.3 unit of agricultural products and 0.2 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.4 unit of agricultural products and 0.1 unit of manufactured goods. ​
Find the value of the goods consumed in the internal process of production needed to satisfy a consumer demand for $50 million worth of agricultural products and $300 million worth of manufactured products. Round answers to two decimal places.
​
A) $243.92 million and $85.02 million worth of agricultural goods and manufactured products respectively
B) $243.92 million and $100.00 million worth of agricultural goods and manufactured products respectively
C) $250.00 million and $100.00 million worth of agricultural goods and manufactured products respectively
D) $250.00 million and $85.02 million worth of agricultural goods and manufactured products respectively

A Simple Economy Consists of Two Industries: Agriculture and Manufacturing