A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.2 unit of agricultural products and 0.2 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.3 unit of agricultural products and 0.2 unit of manufactured goods.

Find the gross output of goods needed to satisfy a consumer demand for $50 million worth of agricultural products and $250 million worth of manufactured products. Round answers to two decimal places, if necessary.

$__________ million worth of agricultural goods

$__________ million worth of manufactured products.

Question

A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.2 unit of agricultural products and 0.2 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.3 unit of agricultural products and 0.2 unit of manufactured goods.
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Find the gross output of goods needed to satisfy a consumer demand for $50 million worth of agricultural products and $250 million worth of manufactured products. Round answers to two decimal places, if necessary.
​
$__________ million worth of agricultural goods
​
$__________ million worth of manufactured products.

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 0.2 unit of agricultural products and 0.2 unit of manufactured goods. The production of 1 unit of manufactured products requires the consumption of 0.3 unit of agricultural products and 0.2 unit of manufactured goods.
​
Find the gross output of goods needed to satisfy a consumer demand for $50 million worth of agricultural products and $250 million worth of manufactured products. Round answers to two decimal places, if necessary.
​
$__________ million worth of agricultural goods
​
$__________ million worth of manufactured products.

A Simple Economy Consists of Two Industries: Agriculture and Manufacturing