Producing one lot of doohickeys requires 0.4 lots of doohickeys and 1.7 lots of thingomajigs; producing one lot of thingomajigs requires 0.1 lots of doohickeys and 0.2 lots of thingomajigs. **Technology and Production Schedule in Economics****What is the technology matrix for this economy?**The technology matrix (A) is represented as a 2x2 grid. Each cell within the grid appears to be designed to hold individual data points or numbers, which will represent various technological coefficients affecting production in the economy.**Matrix A:**\[ \begin{bmatrix}a_{11} & a_{12} \\a_{21} & a_{22}\end{bmatrix}\]Here, each variable (a_{11}, a_{12}, a_{21}, a_{22}) stands as a placeholder indicating where specific data or values would typically be inserted.**What production schedule X should be set in order to meet a demand of 150 lots of doohickeys and 25 lots of thingamajigs?**The production schedule (X) is also shown as a column vector. It is intended to display the production amounts required to meet specific demand levels stipulated for two distinct products, doohickeys, and thingamajigs.**Vector X:**\[ \begin{bmatrix}x_1 \\x_2\end{bmatrix}\]In this format, x_1 and x_2 will be populated based on calculations derived from the technology matrix and the specified demand (150 lots of doohickeys and 25 lots of thingamajigs).

Answered: Producing one lot of doohickeys…

Producing one lot of doohickeys requires 0.4 lots of doohickeys and 1.7 lots of thingomajigs; producing one lot of thingomajigs requires 0.1 lots of doohickeys and 0.2 lots of thingomajigs.

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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