3. Suppose an economy consists of Baseball, Seafood, and Technology. To produce one unit of Baseball requires: .2 units of Baseball .4 of units of Seafood .3 units of TechnologyTo produce one unit of Seafood requires:.1 units of Baseball .2 of units of Seafood .5 units of TechnologyTo produce one unit of Technology requires: .3 units of Baseball .1 of units of Seafood .5 units of TechnologyThe consumer demand is: 170 units of Baseball 100 units of Seafood 200 units of TechnologyA. Define the necessary variables to determine the amount of Baseball, Seafood, and Technology to supply to satisfy manufacturing and consumer demands.B isS isT isB. What are the 3 algebraic equations that relate the amount supplied, amount consumed during manufacturing, and amount demanded by the consumer?C. Express the 3 equations from part B in the equivalent matrix form. D. How much Baseball, Seafood, and Technology must be supplied to meet manufacturing and consumer demands. First provide the matrix from part C in the form: X = (I – A)-1 D, then determine B, S, T. 3. Suppose an economy consists of Baseball, Seafood, and Technology.To produce one unit of Baseball requires:.2 units of Baseball.4 of units of Seafood.3 units of TechnologyTo produce one unit of Seafood requires:.1 units of Baseball.2 of units of Seafood.5 units of TechnologyTo produce one unit of Technology requires:.3 units of Baseball.1 of units of Seafood.5 units of TechnologyThe consumer demandis:170 units of Baseball100 units of Seafood 200 units of TechnologyA. Define the necessary variables to determine the amount of Baseball, Seafood,and Technology to supply to satisfy manufacturing and consumer demands.BisSisTisB. What are the 3 algebraic equations that relate the amount supplied, amountconsumed during manufacturing, and amount demanded by the consumer?C. Express the 3 equations from part B in the equivalent matrix form.D. How much Baseball, Seafood, and Technology must be supplied to meetmanufacturing and consumer demands.First provide the matrix from part C in the form: X = (I-A)-¹ D, then determine B, S, T.B =S =T =

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Suppose an economy consists of Baseball, Seafood, and Technology. To produce one unit of Baseball requires: .2 units of Baseball .4 of units of Seafood .3 units of Technology To produce one unit of Seafood requires: .1 units of Baseball .2 of units of Seafood .5 units of Technology To produce one unit of Technology requires: .3 units of Baseball .1 of units of Seafood .5 units of Technology The consumer demand is: 170 units of Baseball 100 units of Seafood 200 units of Technology A. Define the necessary variables to determine the amount of Baseball, Seafood, and Technology to supply to satisfy manufacturing and consumer demands. B is S is T is B. What are the 3 algebraic equations that relate the amount supplied, amount consumed during manufacturing, and amount demanded by the consumer? C. Express the 3 equations from part B in the equivalent matrix form. D. How much Baseball, Seafood, and Technology must be supplied to meet manufacturing and consumer demands. First provide the matrix from part C in the form: X = (I – A)-1 D, then determine B, S, T.

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