Consider an open economy with consumption matrix 1/2 1/4 1/4 C= 1/2 1/8 1/4 1/2 1/4 1/8] product-producing If the open sector demands the same dollar value from each sector, which such sector must produce the greatest dollar value to meet the demand? Is the economy productive?

Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
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Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 24EQ: Suppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry...
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5.
(Section 2.5)
Consider an open economy with consumption matrix
[1/2 1/4 1/4
C= 1/2 1/8 1/4
1/2 1/4 1/8
If the open sector demands the same dollar value from each product-producing
sector, which such sector must produce the greatest dollar value to meet the
demand? Is the economy productive?
Transcribed Image Text:5. (Section 2.5) Consider an open economy with consumption matrix [1/2 1/4 1/4 C= 1/2 1/8 1/4 1/2 1/4 1/8 If the open sector demands the same dollar value from each product-producing sector, which such sector must produce the greatest dollar value to meet the demand? Is the economy productive?
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