Suppose the production of 1 unit of mining requires 2/5 unit of mining, 2/5 unit of manufacturing, and 1/5 unit of communication. To produce 1 unit of manufacturing requires 1/2 of mining, 1/4 of manufacturing, and 1/4 of communication. To produce 1 unit of communication requires O units of mining, 3/5 units of manufacturing, and 2/5 units of communication. a.) Set up a 3 by 3 matrix for the input-output model b.) Find the ratio of the three commodities in the closed model.
Suppose the production of 1 unit of mining requires 2/5 unit of mining, 2/5 unit of manufacturing, and 1/5 unit of communication. To produce 1 unit of manufacturing requires 1/2 of mining, 1/4 of manufacturing, and 1/4 of communication. To produce 1 unit of communication requires O units of mining, 3/5 units of manufacturing, and 2/5 units of communication. a.) Set up a 3 by 3 matrix for the input-output model b.) Find the ratio of the three commodities in the closed model.
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 23EQ:
23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes...
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