Suppose an economy has three Sectors producing products Product 1, Product 2 and Product 3 respectively....

 

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Suppose an economy has three Sectors producing products Product 1, Product 2 and Product 3 respectively. • It takes 0.1 units of Product 1, 0.2 units of Product 2, and 0.25 units of Product 3 to produce 1 unit of Product 1. It takes 0.15 units of Product 1, and 0.4 units of Product 3 to produce 1 unit of Product 2. ● • It takes 0.12 units of Product 1 and 0.3 units of Product 2 to produce 0.2 unit of Product 3. What should the total Production be set at in order to satisfy an external demand of 100 units of Product 1, 200 units of Product 2 and 300 units of Product 3? Suppose an economy has three Sectors producing products Product 1, Product 2 and Product 3 respectively. • It takes 0.1 units of Product 1, 0.2 units of Product 2, and 0.25 units of Product 3 to produce 1 unit of Product 1. It takes 0.15 units of Product 1, and 0.4 units of Product 3 to produce 1 unit of Product 2. ● • It takes 0.12 units of Product 1 and 0.3 units of Product 2 to produce 0.2 unit of Product 3. What should the total Production be set at in order to satisfy an external demand of 100 units of Product 1, 200 units of Product 2 and 300 units of Product 3?

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To determine the total production required to satisfy the external demand of 100 units of Product 1 ... View the full answer