Find the total output of goods needed to satisfy a consumer

Reference no: EM13178972

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 0.3 unit of manufactured goods. The production of 1 unit of manufactured goods requires the consumption of 0.4 unit of agricultural products and 0.3 unit of manufactured goods.

(a) Find the total output of goods needed to satisfy a consumer demand for $100 million worth of agricultural products and $160 million worth of manufactured goods. (Round your answers to one decimal place.)
agricultural products $ million
manufactured goods $ million

(b) Find the value of the goods consumed in the internal process of production in order to meet the gross output. (Round your answers to one decimal place.)
agricultural products $ million
manufactured goods $ million

Reference no: EM13178972

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