The following problem refers to a closed Leontief model. Suppose the technology matrix for a closed model of a simple economy is given by the following. P M H A = 0.5 0.1 0.30.1 0.3 00.4 0.6 0.7 ProductsMachineryHouseholdsFind the gross productions for the industries. (Let H represent the number of household units produced, and give your answers in terms of H.)products unitsmachinery unitshouseholds units

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Answered: The following problem refers to a…

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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The following problem refers to a closed Leontief model.

Suppose the technology matrix for a closed model of a simple economy is given by the following.

A =

0.5	0.1	0.3
0.1	0.3	0
0.4	0.6	0.7

Products

Machinery

Households

Find the gross productions for the industries. (Let H represent the number of household units produced, and give your answers in terms of H.)

products	units
machinery	units
households	units

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