Regional Economics
If you could explain what you are doing along with solutions that would be extremely helpful as I do not know where to start with this question and it's components.
The nation of Erehwon has three industries: manufacturing, agriculture and services. Each national industry has 50 million workers. Regional Consultants, Inc. (RCI) is doing an economic base study of the metropolis of Centralia, a metropolitan region in Erehwon. Centralia has total employment of 1.5 million workers. Centralia’s employment is divided 750,000 in manufacturing, zero in agriculture and 750,000 in services. RCI is using the minimum requirements approach. They estimate that for metropolitan areas in the same size group as Centralia the minimum shares of the three industries are manufacturing at .15, agriculture at 0.0 and services at .25.
a. What minimum requirement location quotients (MRLQ’s) will RCI get? (Be quantitative.)
b. What will RCI estimate as being the size of the basic sector (B) in the region? What is their estimate of the non-basic sector, (N). (Be quantitative.)
c. Given their answer to (b), what value do they get for the employment multiplier (T/B) for Centralia? (Be quantitative.)
d. Now RCI is hired to use its base model (from 1) to do an impact analysis of a proposed expansion of the XYZ Manufacturing Company in Centralia. Currently the plant has 200 workers and the expansion would increase its employment by 150 workers to 350 workers. All of the new output will be shipped to new markets outside Centralia. What does RCI expect to happen to basic employment, to nonbasic employment, and to total employment? ?
Please explain your work (and complete all parts not just some & don't just provide answers)