This exercise requires the use of technology. Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products. Suppose in 1978-79 the input-output table involving these four sectors was as follows (all figures are in millions of Australian dollars). To 1 2 3 4 From1 678.1 3.7 3,341.6 1,023.4 2 15.8 6.9 17.8 124.6 3 47.9 4.1 893.8 145.1 4 312.5 22.7 83.1 693.3 Total Output 9,401.7 685.6 6,997.3 4,818.1 (a) How much additional production by the meat and milk sector is necessary to accommodate a $100 increase in the demand for agriculture? (Round your answer to two decimal places.)$ million (b) Which sector requires most of its own product in order to meet a $1 increase in external demand for that product? agriculture forestry, fishing, and hunting meat and milk products other food products

This exercise requires the use of technology. Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products....

This exercise requires the use of technology.

Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products. Suppose in 1978-79 the input-output table involving these four sectors was as follows (all figures are in millions of Australian dollars).

To	1	2	3	4
From1	678.1	3.7	3,341.6	1,023.4
2	15.8	6.9	17.8	124.6
3	47.9	4.1	893.8	145.1
4	312.5	22.7	83.1	693.3
Total Output	9,401.7	685.6	6,997.3	4,818.1

(a) How much additional production by the meat and milk sector is necessary to accommodate a $100 increase in the demand for agriculture? (Round your answer to two decimal places.)
$ million

(b) Which sector requires most of its own product in order to meet a $1 increase in external demand for that product?

agriculture forestry, fishing, and hunting meat and milk products other food products

Jun 04, 2022

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This exercise requires the use of technology. Four sectors of the Australian economy are (1) agriculture, (2) forestry, fishing, and hunting, (3) meat and milk products, and (4) other food products....

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