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3. A dairy farm in Quebec required three different sectors in order to produce and distribute its product: manufacturing, agriculture, and utilities. Table 1: Input
3. A dairy farm in Quebec required three different sectors in order to produce and distribute its product: manufacturing, agriculture, and utilities. Table 1: Input required per Dollar Output Manufacturing Agriculture Utilities Manufacturing $0.50 $0.10 $0.10 Agriculture $0.20 $0.50 $0.30 Utilities $0.10 $0.30 $0.40 Suppose the open sector has a demand for $7900 worth of manufacturing, $3950 worth of agricultural products, and $1975 worth of utilities. (a) Can the economy meet this demand? You MUST use the inverse to solve this equation for marks. (b) If it can, find a production vector, i that will meet it exactly. 3. A dairy farm in Quebec required three different sectors in order to produce and distribute its product: manufacturing, agriculture, and utilities. Table 1: Input required per Dollar Output Manufacturing Agriculture Utilities Manufacturing $0.50 $0.10 $0.10 Agriculture $0.20 $0.50 $0.30 Utilities $0.10 $0.30 $0.40 Suppose the open sector has a demand for $7900 worth of manufacturing, $3950 worth of agricultural products, and $1975 worth of utilities. (a) Can the economy meet this demand? You MUST use the inverse to solve this equation for marks. (b) If it can, find a production vector, i that will meet it exactly
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