The sum of the elements in a column of any of the technology matrices in the text is less than 1 why is this the case? Would you ever expect to find a column with a sum equal to 1 ? Greater than 1 ? How would you describe an economic system where the sum of the elements in every column of the technology matrix is 1?
The sum of the elements in a column of any of the technology matrices in the text is less than 1 why is this the case? Would you ever expect to find a column with a sum equal to 1 ? Greater than 1 ? How would you describe an economic system where the sum of the elements in every column of the technology matrix is 1?
Solution Summary: The author explains that technology matrix is used to analyze industry model that can be two-industry model or more than that.
The sum of the elements in a column of any of the technology matrices in the text is less than
1
why is this the case? Would you ever expect to find a column with a sum equal to
1
? Greater than
1
? How would you describe an economic system where the sum of the elements in every column of the technology matrix is 1?
Mathematics for Elementary Teachers with Activities (5th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.
Introduction: MARKOV PROCESS And MARKOV CHAINS // Short Lecture // Linear Algebra; Author: AfterMath;https://www.youtube.com/watch?v=qK-PUTuUSpw;License: Standard Youtube License
Stochastic process and Markov Chain Model | Transition Probability Matrix (TPM); Author: Dr. Harish Garg;https://www.youtube.com/watch?v=sb4jo4P4ZLI;License: Standard YouTube License, CC-BY