A simple economy consists of two industries: agriculture and manufacturing. The production of 1 unit of agricultural products requires the consumption of 0.4 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 0.3 unit of manufactured goods.

Find the value of the goods consumed in the internal process of production needed to satisfy a consumer demand for $150 million worth of agricultural products and $150 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 0.4 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 0.3 unit of manufactured goods.
​
Find the value of the goods consumed in the internal process of production needed to satisfy a consumer demand for $150 million worth of agricultural products and $150 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 0.4 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 0.3 unit of manufactured goods.
​
Find the value of the goods consumed in the internal process of production needed to satisfy a consumer demand for $150 million worth of agricultural products and $150 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