Reference no: EM13876668

The original Input-Output table prepared by the U.S. Bureau of Labor Statistics, consisted of 42 industries that comprised the U.S. economy in its entirety and showed the exchange of goods and services in the U.S. for 1947 (this table appeared as Table 2.1 on pages 16-19 of Wassliy Leontiefs book Input-Output Economics.) The following table is an aggregated 3-sector version of the original table (figures in millions of 1947 dollars)

(a) Use the table and calculate the matrix of inter-sectoral coefficients.

(b) Calculate the sectoral gross outputs if the new vector of final demand, as row vector, for year 1948 is given as
FDt = f42100 68500 1567001

(c) What is the percentage change in the GDP?

Table of Inter-sectoral Transactions US 1947

	Agriculture	Manufacturing	Services	Final Demand
Agriculture	34690	4920	5620	39240
Manufacturing	5280	61280	22990	60020
Services	10450	25950	42030	130650