A simple economy has a shoe industry and a cattle industry. Each unit of shoe output requires inputs of 0.1 unit of shoes and 0.3 unit of cattle products. Each unit of cattle products output requires inputs of 0.1 unit of shoes and 0.05 unit of cattle products. (a) Write the technology matrix for this simple economy. (Use the first row and first column for shoes and the second row and second column for cattle products.) (b) If surpluses of 760 units of shoes and 205 units of cattle products are desired, find the gross production of each industry. shoes cattle products

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Matrices

‘Matrices’ is the plural form of the word matrix, and it is basically a spreadsheet in the form of a box. In mathematics, various functions can be carried out with matrices. Generally, a matrix comes in the shape of a square or rectangle. The elements are distributed horizontally in the form of rows, and vertically in the form of columns.