production of $1.00 worth of food requires $0.30 worth of food a $0.10 worth of housing, and the production of $1.00 worth of housing requires $0.20 worth of food and $0.60 worth of housing Construct a consumption matrix for this economy. ? ?

production of $1.00 worth of food requires $0.30 worth of food a $0.10 worth of housing, and the production of $1.00 worth of housing requires $0.20 worth of food and $0.60 worth of housing Construct a consumption matrix for this economy. ? ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer the ff: ty!

A simple economy produces food (F) and housing (H). The
production of $1.00 worth of food requires $0.30 worth of food and
$0.10 worth of housing, and the production of $1.00 worth of
housing requires $0.20 worth of food and $0.60 worth of housing.
Construct a consumption matrix for this economy.
C:
? ?
(44)
?
?
What dollar value of food and housing must be produced for the
economy to provide consumers $104,000 worth of food and
$104,000 worth of housing?
Food: $
Housing: $

Find a matrix K such that AKB = C given that
132
80 -32
0
^ - - 1 - - 6 3 -90-
A = -2 3 B =
C =
66 5 -2
05-2
-48 -10
4
K =
i
Mi

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