A simplified version of Leontief's analysis of the 1947 American economy has the following input-output matrix: Agriculture Manufacturing Households Agriculture 0.245 0.102 0.051 Manufacturing 0.099 0.291 0.279 Households 0.433 0.372 0.011 Suppose the demand matrix (in billions of dollars) is D=[3.6 29.4 31.5]. Find the amount of each commodity that should be produced
A simplified version of Leontief's analysis of the 1947 American economy has the following input-output matrix: Agriculture Manufacturing Households Agriculture 0.245 0.102 0.051 Manufacturing 0.099 0.291 0.279 Households 0.433 0.372 0.011 Suppose the demand matrix (in billions of dollars) is D=[3.6 29.4 31.5]. Find the amount of each commodity that should be produced
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A simplified version of Leontief's analysis of the 1947 American economy has the following input-output matrix:
Agriculture | Manufacturing | Households | |
---|---|---|---|
Agriculture | 0.245 | 0.102 | 0.051 |
Manufacturing | 0.099 | 0.291 | 0.279 |
Households | 0.433 | 0.372 | 0.011 |
Suppose the demand matrix (in billions of dollars) is D=[3.6 29.4 31.5].
Find the amount of each commodity that should be produced
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