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Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% of its output to Fuels and 60% to Machinery and retains the rest. Fuels sells 70% of its output to Chemicals and 20% to Machinery and retains the rest. Machinery sells 40% of its output to Chemicals and 30% to Fuels and retains the rest. Complete parts (a) through (c) below. a. Construct the exchange table for this economy. TITE Distribution of Output from: Chemicals Machinery Fuels Purchased by: 0.1 0.7 0.4 Chemicals 0.3 0.1 0.3 Fuels 0.6 0.2 0.3 Machinery (Type integers or decimals.) b. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is (Type an integer or decimal for each matrix element.)

Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% of its output to Fuels and 60% to Machinery and retains the rest. Fuels sells 70% of its output to Chemicals and 20% to Machinery and retains the rest. Machinery sells 40% of its output to Chemicals and 30% to Fuels and retains the rest. Complete parts (a) through (c) below. a. Construct the exchange table for this economy. TITE Distribution of Output from: Chemicals Machinery Fuels Purchased by: 0.1 0.7 0.4 Chemicals 0.3 0.1 0.3 Fuels 0.6 0.2 0.3 Machinery (Type integers or decimals.) b. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is (Type an integer or decimal for each matrix element.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% of its output to Fuels and 60% to Machinery and retains the rest. Fuels sells 70% of its output to Chemicals and 20% to Machinery and retains the rest. Machinery sells 40% of its output to Chemicals and 30% to Fuels and retains the rest. Complete parts (a) through (c) below. a. Construct the exchange table for this economy. Distribution of Output from: Chemicals Fuels Machinery Purchased by: 0.1 0.7 0.4 Chemicals 0.3 0.1 0.3 Fuels 0.6 0.2 0.3 Machinery (Type integers or decimals.) b. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is. (Type an integer or decimal for each matrix element.)
Transcribed Image Text:Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% of its output to Fuels and 60% to Machinery and retains the rest. Fuels sells 70% of its output to Chemicals and 20% to Machinery and retains the rest. Machinery sells 40% of its output to Chemicals and 30% to Fuels and retains the rest. Complete parts (a) through (c) below. a. Construct the exchange table for this economy. Distribution of Output from: Chemicals Fuels Machinery Purchased by: 0.1 0.7 0.4 Chemicals 0.3 0.1 0.3 Fuels 0.6 0.2 0.3 Machinery (Type integers or decimals.) b. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is. (Type an integer or decimal for each matrix element.)
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