Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

A certain economy has three interdependent sectors: oil, electricity, and grain. To produce $ 1 of oil requires $ 0 . 1 of oil, $

A certain economy has three interdependent sectors: oil, electricity, and grain. To produce $1 of oil requires $0.1 of oil, $0.15 of electricity, and
$0.7 of grain. To produce $1 of electricity requires $0.25 of oil, $0.55 of electricity, and $0.15 of grain. To produce $1 of grain requires $0.35 of
oil, $0.2 of electricity, and $0.35 of grain.There is also an external demand for $15000 of oil, $15000 of electricity, and $2000 of grain.
To meet the external demand, the economy must produce $ of oil, $ of electricity, and $ of grain.
Under this production schedule, the internal consumption of the economy is $ of oil, $ of electricity, and $ of grain.
Note: for this problem, You can do your matrix calculations on a computer! MIO for details if you are having difficulties.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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