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Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output to Lumber, 50% to Energy, and retains the rest. Lumber sells 15% of its output to Mining, 50% to Energy, 15% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 20% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 15% to Lumber, 40% to Energy, and retains the rest. a. Construct the exchange table for this economy. b. Find a set of equilibrium prices for this economy.

Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output to Lumber, 50% to Energy, and retains the rest. Lumber sells 15% of its output to Mining, 50% to Energy, 15% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 20% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 15% to Lumber, 40% to Energy, and retains the rest. a. Construct the exchange table for this economy. b. Find a set of equilibrium prices for this economy.

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter10: Matrices
Section10.1: Solution Of Linear Systems
Problem 46E
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Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output to Lumber, 50% to Energy, and retains the rest. Lumber sells 15% of its output to Mining, 50% to Energy, 15% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 20% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 15% to Lumber, 40% to Energy, and retains the rest. a. Construct the exchange table for this economy. b. Find a set of equilibrium prices for this economy. a. Complete the exchange table below. Distribution of Output from: Mining Lumber Energy Transportation Purchased by: Mining Lumber Energy Transportation (Type integers or decimals.)
Transcribed Image Text:Suppose an economy has four sectors: Mining, Lumber, Energy, and Transportation. Mining sells 15% of its output to Lumber, 50% to Energy, and retains the rest. Lumber sells 15% of its output to Mining, 50% to Energy, 15% to Transportation, and retains the rest. Energy sells 20% of its output to Mining, 15% to Lumber, 20% to Transportation, and retains the rest. Transportation sells 10% of its output to Mining, 15% to Lumber, 40% to Energy, and retains the rest. a. Construct the exchange table for this economy. b. Find a set of equilibrium prices for this economy. a. Complete the exchange table below. Distribution of Output from: Mining Lumber Energy Transportation Purchased by: Mining Lumber Energy Transportation (Type integers or decimals.)
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