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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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