Consider the open economy described by the table below, where the input is in dollars needed for $1.00 of output. Provider Housing Food Utilities Housing 0.1 0.3 0.4 Input Required per Dollar Output Food Utilities 0.6 0.4 0.2 0.3 0.1 0.2 (a) Find the consumption matrix for the economy. (b) Suppose that the open sector has a demand for $ D worth of housing, $ E worth of food, and $ F worth of utilities. Find a production vector that will meet this demand exactly.

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.