Consider the open economy described by the accompanying table,where the input is in dollars needed for $1.00 of output.Input Required per Dollar OutputHousing FoodUtilitiesHousing0.20.60.4Food0.30.20.3Utilities0.30.10.2(a) Find the comsumption matrix for the economy.C =??? ?(b) Suppose that the open sector has a demand for $1680 worth ofhousing, $3570 worth of food, and $5740 worth of utilities. Userow reduction to find a production vector that will meet thisdemand exactly.The production vector,Provider

Input output analysis shows interdependence of sectors in an economy. Input output matrix is used to…

Consider the open economy described by the accompanying table, where the input is in dollars needed for $1.00 of output. Input Required per Dollar Output Provider C = Housing 0.2 Food 0.3 Utilities 0.3 Housing Food Utilities 0.6 0.4 ? ? ? ? ? (a) Find the comsumption matrix for the economy. 0.2 0.1 X = -0 0.3 0.2 (b) Suppose that the open sector has a demand for $1680 worth of housing, $3570 worth of food, and $5740 worth of utilities. Use row reduction to find a production vector that will meet this demand exactly. The production vector,

Consider the open economy described by the accompanying table, where the input is in dollars needed for $1.00 of output. Input Required per Dollar Output Provider C = Housing 0.2 Food 0.3 Utilities 0.3 Housing Food Utilities 0.6 0.4 ? ? ? ? ? (a) Find the comsumption matrix for the economy. 0.2 0.1 X = -0 0.3 0.2 (b) Suppose that the open sector has a demand for $1680 worth of housing, $3570 worth of food, and $5740 worth of utilities. Use row reduction to find a production vector that will meet this demand exactly. The production vector,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me proper explanation Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.