Question #2015505: Other Economics Problems


Question: A very simple economy consists of two sectors: agriculture and milling. To produce one unit of agriculture products requires 1/3 of a unit of agricultural products and 1/4 of a unit of milled products. To produce one unit of milled products requires 3/4 of a unit of agricultural products and no units of milled products. Determine the production levels needed to satisfy an external demand for 300 units of agricultural and 500 units of milled products.

Solution: The solution consists of 162 words (2 pages)
Deliverables: Word Document

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