Concept explainers
Given the technology matrix
Want to see the full answer?
Check out a sample textbook solutionChapter 4 Solutions
FINITE MATHMATICS F/ BUSI...-ACCESS
Additional Math Textbook Solutions
Algebra and Trigonometry (6th Edition)
Introductory Statistics
Basic Business Statistics, Student Value Edition
Elementary Statistics (13th Edition)
A First Course in Probability (10th Edition)
College Algebra with Modeling & Visualization (5th Edition)
- 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.arrow_forwardGiven the following input-output matrix A and corresponding demand matrix E for a local economy, find the production matrix X, where X=[x1 x2]. Write the exact answer. Do not round. x1= x2=arrow_forwardYou are the Economic Consultant for Zuku Farms Ghana Limited. Zuku produces cowpea in a community where producers are able to switch back and forth between cowpea and groundnut depending on market conditions. Consequently, you were tasked by the management of Zuku and you estimated the demand function for cowpea as follows: Qd= 1,000 – 9.5Pc + 16.2Pg + 0.2Y where is the quantity of cowpea demanded in bags per month, is the average price of cowpea in Ghana Cedis, is the average price of groundnut in Ghana Cedis, and Y is the income of consumers. Assuming is initially GH¢31.00 per bag, Y is GH¢1001.50 Assume also that your estimated supply function for cowpea is as follows: Qs= -25 + 3.5Pc – 1.5f - 0.5Pg + 0.25R Where Qs is the quantity supplied of cowpea in bags, Pc and Pg are as defined above, Pf is the price of fertilizer per bag,…arrow_forward
- (Note: This problem is similar to exercise 19 in section 6.3 (page 293) of your textbook.) Find the production schedule for the technology matrix and demand vector given below: A = X = 0.3 0.1 0 0 0.1 0 0.2 0.4 0 # # # 2 D= = 9 6 5arrow_forward2.2. Consider the following matrix Y and matrix Z. Each column represents a particular meat industry. industry for beef, pork and chicken: [0.2 0.3 0.21 Y= 0.4 0.1 0.3 [0.3 0.5 0.2] [150] Z= 200 [210] For industries for beef, pork and chicken determine the total demand given by matrix Y and matrix Zarrow_forwardConsider the basic macroeconomic model: Y=C+I and C = a + by where Y is GDP, C is consumtion and I is total investment (treated as fixed). a, b are positive parameters. Solve the model for Y in terms of I and the parameters.arrow_forward
- Could you also break down the (I-A)^-1 part more I am having trouble understanding that?arrow_forwardFind the demand matrix for the following input-output and production matrices using the open model. 13 14 A = 0.4 0.4 0.3 0.5 X= The demand matrix is (Type an integer or decimal for each matrix element.)arrow_forward
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageLinear Algebra: A Modern IntroductionAlgebraISBN:9781285463247Author:David PoolePublisher:Cengage Learning