CHECKPOINT
Suppose a primitive economy has wood product industry and a minerals industry, with technology matrix
(open Leontief model).
If surpluses of
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Mathematical Applications for the Management, Life, and Social Sciences
- 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.arrow_forwardWhat is the row-echelon form of a matrix? What is a leading entry?arrow_forward
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