2. Consider two sectors of the U.S. economy: crude petroleum and natural gas (crude) and petroleum...

 

 

 

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2. Consider two sectors of the U.S. economy: crude petroleum and natural gas (crude) and petroleum refining and related industries (refining). According to government figures, in 1998 the crude sector used $27,000 million worth of its own products and $750 million worth of the products of the refining sector to produce $87,000 million worth of goods (crude oil and natural gas). The refining sector in the same year used $59,000 million worth of the products of the crude sector and $15,000 million worth of its own products to produce $140,000 million worth of goods (refined oil and the like). a. Build the input-output table: From To Crude Refining Total Output Crude Refining b. Utilize the input-output table above to find the technology matrix. c. Use the technology matrix to fill in the blanks below: In order to produce $1 million worth of crude, we use million in refining. million dollars of crude and the production of $1 million of refinina. million in crude and million dollars of refining are used in d. Determine the production levels necessary to meet an external demand of $200,000 million in refined petroleum and $1000 million in crude. State your answer in a sentence with units. Round answers to 3 significant digits. e. What is the value of crude and refining that get used up in the production of crude and refining? million of crude is used up in the production of crude and refining. million of refining is used up in the production of crude and refining. 2. Consider two sectors of the U.S. economy: crude petroleum and natural gas (crude) and petroleum refining and related industries (refining). According to government figures, in 1998 the crude sector used $27,000 million worth of its own products and $750 million worth of the products of the refining sector to produce $87,000 million worth of goods (crude oil and natural gas). The refining sector in the same year used $59,000 million worth of the products of the crude sector and $15,000 million worth of its own products to produce $140,000 million worth of goods (refined oil and the like). a. Build the input-output table: From To Crude Refining Total Output Crude Refining b. Utilize the input-output table above to find the technology matrix. c. Use the technology matrix to fill in the blanks below: In order to produce $1 million worth of crude, we use million in refining. million dollars of crude and the production of $1 million of refinina. million in crude and million dollars of refining are used in d. Determine the production levels necessary to meet an external demand of $200,000 million in refined petroleum and $1000 million in crude. State your answer in a sentence with units. Round answers to 3 significant digits. e. What is the value of crude and refining that get used up in the production of crude and refining? million of crude is used up in the production of crude and refining. million of refining is used up in the production of crude and refining.

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109 from crude Inpu output table Refining Total auput 2 15 Technology A A For crude 27000 Mi... View the full answer