Mathematics, 22.04.2022 09:20 raylynnreece4939
An economy produces only coal and steel. The two commodities serve as intermediate inputs in each other's production. 0.4 tonne of steel and 0.7 tonne of coal are needed to produce a tonne of steel. Similarly, 0.1 tonne of steel and 0.6 tonne of coal are required to produce a tonne of coal. No capital inputs are needed. Do you think that the system is viable ? 2 and 5 labour days are required to produce a tonne of coal and steel respectively. If the economy needs 100 tonne of coal and 50 tonne of steel, calculate the gross output of the two commodities and total labour required. Also determine the equilibrium prices and the value added, if the wage rate is Rs. 10 per man-day.
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