Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
An economy depends on two basic products, wheat and oil. To produce 1 metric ton of wheat requires
0.23
metric tons of wheat and
0.32
metric tons of oil. Production of 1 metric ton of oil consumes
0.08
metric tons of wheat and
0.13
metric tons of oil. Find the production that will satisfy a
500
metric tons of wheat and
870
metric tons of oil. The input-output matrix is
Aequals
left bracket Start 2 By 2 Matrix 1st Row 1st Column 0.23 2nd Column 0.08 2nd Row 1st Column 0.32 2nd Column 0.13 EndMatrix right bracket.
[ ? ]metric tons of wheat is required to satisfy the demand.
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