Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Enterprise Applications And Services In The Finance Industry

Authors: Artur Lugmayr

1st Edition

331928150X,3319281518

More Books

Students also viewed these Finance questions

Question

Explain the terms debit and credit.

Answered: 1 week ago