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A simple economy produces food (F) and housing (H). The production of $1.00 worth of food requires $0.30 worth of food and $0.10 worth of housing, and the production of $1.00 worth of housing requires $0.20 worth of food and $0.60 worth of housing. Construct a consumption matrix for this economy. 1 10 C = 1 3 10 5 What dollar value of food and housing must be produced for the economy to provide consumers $52, 000 worth of food and $52,000 worth of housing?

A simple economy produces food (F) and housing (H). The production of $1.00 worth of food requires $0.30 worth of food and $0.10 worth of housing, and the production of $1.00 worth of housing requires $0.20 worth of food and $0.60 worth of housing. Construct a consumption matrix for this economy. 1 10 C = 1 3 10 5 What dollar value of food and housing must be produced for the economy to provide consumers $52, 000 worth of food and $52,000 worth of housing?

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 24EQ: Suppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry...
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A simple economy produces food (F) and housing (H). The production of $1.00 worth of food requires $0.30 worth of food and $0.10 worth of housing, and the production of $1.00 worth of housing requires $0.20 worth of food and $0.60 worth of housing. Construct a consumption matrix for this economy. 1 10 C = 1 3 10 5 What dollar value of food and housing must be produced for the economy to provide consumers $52, 000 worth of food and $52,000 worth of housing?
Transcribed Image Text:A simple economy produces food (F) and housing (H). The production of $1.00 worth of food requires $0.30 worth of food and $0.10 worth of housing, and the production of $1.00 worth of housing requires $0.20 worth of food and $0.60 worth of housing. Construct a consumption matrix for this economy. 1 10 C = 1 3 10 5 What dollar value of food and housing must be produced for the economy to provide consumers $52, 000 worth of food and $52,000 worth of housing?
1 10 5 C = 1 3 10 What dollar value of food and housing must be produced for the economy to provide consumers $52,000 worth of food and $52, 000 worth of housing? Food: $ 78561.2 Housing: $ 149640.3
Transcribed Image Text:1 10 5 C = 1 3 10 What dollar value of food and housing must be produced for the economy to provide consumers $52,000 worth of food and $52, 000 worth of housing? Food: $ 78561.2 Housing: $ 149640.3
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