An economy has three sectors producing products:
Product 1, Product 2, and Product 3.
...
Business, 13.02.2020 23:44 tylerbrewton23
An economy has three sectors producing products:
Product 1, Product 2, and Product 3.
i. To produce 1 unit of Product 1 requires 0.20 units of Product 1, 0.15 units of Product 2, and 0.10 units of Product 3.
ii. To product 1 unit of Product 2 it takes 0.14 units of Product 1, 0.05 units of Product 2, and 0.12 units of Product 3.
iii. To produce 1 unit of Product 3 it takes 0.14 units of Product 1, and 0.08 units of Product 2.
Required:
(a) What should the total production be set at in order to satisfy an external demand of 100 units of Product 1, 120 units of Product 2, and 150 units of Product 3?
Answers: 3
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