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.
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.
Chapter13: General Equilibrium And Welfare
Section: Chapter Questions
Problem 13.1P
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Can you please help me solve the following. My values are:
D = 75
E = 44
F = 36
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3a81eb2-85f1-4f01-a339-c9eba1823929%2F21fe54f1-24e9-4cce-aa91-767d536f39bb%2Facbtxl9_processed.png&w=3840&q=75)
Transcribed Image Text: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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Publisher:
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