A company produces Web design, software, and networking services. View the company as an open economy described by the accompanying table, where input is in dollars needed for $1.00 of output. a. Find the consumption matrix for the company. b. Suppose that the customers (the open sector) have a demand for $5400 worth of Web design, $2700 worth of software, and $900 worth of networking. Use row reduc- tion to find a production vector that will meet this demand exactly.
A company produces Web design, software, and networking services. View the company as an open economy described by the accompanying table, where input is in dollars needed for $1.00 of output. a. Find the consumption matrix for the company. b. Suppose that the customers (the open sector) have a demand for $5400 worth of Web design, $2700 worth of software, and $900 worth of networking. Use row reduc- tion to find a production vector that will meet this demand exactly.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please use the Gauss-Jordan Row Elimination Method. PLEASE SHOW EVERY STEP and (PLEASE DO NOT SKIP A STEP). It is very hard to figure out the step and understand your thinking for each step when it is skipped.
![A company produces Web design, software, and networking
services. View the company as an open economy described by
the accompanying table, where input is in dollars needed for
$1.00 of output.
a. Find the consumption matrix for the company.
b. Suppose that the customers (the open sector) have a
demand for $5400 worth of Web design, $2700 worth of
software, and $900 worth of networking. Use row reduc-
tion to find a production vector that will meet this demand
exactly.
TABLE Ex-4
Provider
Web Design
Software
Networking
Input Required per Dollar Output
Web Design Software
Networking
$0.20
$0.45
$0.35
$0.30
$0.10
$0.20
$0.40
$0.30
$0.15](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc965ec1f-6ecd-467d-b5f1-022eb1dfa0a4%2Ff0ad561a-9f34-4993-9302-602e5f9c459b%2Fucf9vq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A company produces Web design, software, and networking
services. View the company as an open economy described by
the accompanying table, where input is in dollars needed for
$1.00 of output.
a. Find the consumption matrix for the company.
b. Suppose that the customers (the open sector) have a
demand for $5400 worth of Web design, $2700 worth of
software, and $900 worth of networking. Use row reduc-
tion to find a production vector that will meet this demand
exactly.
TABLE Ex-4
Provider
Web Design
Software
Networking
Input Required per Dollar Output
Web Design Software
Networking
$0.20
$0.45
$0.35
$0.30
$0.10
$0.20
$0.40
$0.30
$0.15
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