The Leontief production equation, x = Cx + d, is usually accompanied by a dual price equation.
p = CT p + v
where p is a price
{gross domestic product} = pTd = vTx
Verify the second equality. [Hint: Compute pTx in two ways.]
Want to see the full answer?
Check out a sample textbook solutionChapter 2 Solutions
Thomas' Calculus and Linear Algebra and Its Applications Package for the Georgia Institute of Technology, 1/e
Additional Math Textbook Solutions
Elementary Linear Algebra: Applications Version
Algebra: Structure And Method, Book 1
Pre-Algebra Student Edition
Linear Algebra with Applications (9th Edition) (Featured Titles for Linear Algebra (Introductory))
Introduction to Linear Algebra (Classic Version) (5th Edition) (Pearson Modern Classics for Advanced Mathematics Series)
Beginning and Intermediate Algebra
- Does Table 1 represent a linear function? If so, finda linear equation that models the data.arrow_forwardRedo Exercise 5, assuming that the house blend contains 300 grams of Colombian beans, 50 grams of Kenyan beans, and 150 grams of French roast beans and the gourmet blend contains 100 grams of Colombian beans, 350 grams of Kenyan beans, and 50 grams of French roast beans. This time the merchant has on hand 30 kilograms of Colombian beans, 15 kilograms of Kenyan beans, and 15 kilograms of French roast beans. Suppose one bag of the house blend produces a profit of $0.50, one bag of the special blend produces a profit of $1.50, and one bag of the gourmet blend produces a profit of $2.00. How many bags of each type should the merchant prepare if he wants to use up all of the beans and maximize his profit? What is the maximum profit?arrow_forward
- Trigonometry (MindTap Course List)TrigonometryISBN:9781337278461Author:Ron LarsonPublisher:Cengage LearningCollege AlgebraAlgebraISBN:9781305115545Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage LearningAlgebra and Trigonometry (MindTap Course List)AlgebraISBN:9781305071742Author:James Stewart, Lothar Redlin, Saleem WatsonPublisher:Cengage Learning
- Linear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning