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Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% retains the rest. Fuels sells 70% of its output to Chemicals and 20% to Machinery and retains the rest. Machinery sells 20% of its output to Chemicals and 40% to Fuels and retains the rest. Complete parts (a) through (c) below. output to Fuels and 50% to Machinery ar a. Construct the exchange table for this economy. Distribution of Output from: Chemicals Fuels Machinery Purchased by: Chemicals Fuels Machinery (Type integers or decimals.) o. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is (Type an integer or decimal for each matrix element.) c. Find a set of equilibrium prices when the price for the Machinery output is 10 units.

Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% retains the rest. Fuels sells 70% of its output to Chemicals and 20% to Machinery and retains the rest. Machinery sells 20% of its output to Chemicals and 40% to Fuels and retains the rest. Complete parts (a) through (c) below. output to Fuels and 50% to Machinery ar a. Construct the exchange table for this economy. Distribution of Output from: Chemicals Fuels Machinery Purchased by: Chemicals Fuels Machinery (Type integers or decimals.) o. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is (Type an integer or decimal for each matrix element.) c. Find a set of equilibrium prices when the price for the Machinery output is 10 units.

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter10: Matrices
Section10.3: Multiplication Of Matrices
Problem 51E
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Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% of its output to Fuels and 50% to Machinery and retains the rest. Fuels sells 70% of its output to Chemicals and 20% to Machinery and retains the rest. Machinery sells 20% of its output to Chemicals and 40% to Fuels and retains the rest. Complete parts (a) through (c) below. ..... a. Construct the exchange table for this economy. Distribution of Output from: Chemicals Fuels Machinery Purchased by: Chemicals Fuels Machinery (Type integers or decimals.) b. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is (Type an integer or decimal for each matrix element.) c. Find a set of equilibrium prices when the price for the Machinery output is 10 units. Pchemicals PFuels PMachinery (Type integers or decimals rounded to the nearest tenth as needed.)
Transcribed Image Text:Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% of its output to Fuels and 50% to Machinery and retains the rest. Fuels sells 70% of its output to Chemicals and 20% to Machinery and retains the rest. Machinery sells 20% of its output to Chemicals and 40% to Fuels and retains the rest. Complete parts (a) through (c) below. ..... a. Construct the exchange table for this economy. Distribution of Output from: Chemicals Fuels Machinery Purchased by: Chemicals Fuels Machinery (Type integers or decimals.) b. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is (Type an integer or decimal for each matrix element.) c. Find a set of equilibrium prices when the price for the Machinery output is 10 units. Pchemicals PFuels PMachinery (Type integers or decimals rounded to the nearest tenth as needed.)
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