Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A primitive economy consists of a fishing industry and an oil industry. A unit of fishing industry output requires 0.30 unit of fishing industry input
A primitive economy consists of a fishing industry and an oil industry. A unit of fishing industry output requires 0.30 unit of fishing industry input and 0.35 unit of oil industry input. A unit of oil industry output requires inputs of 0.04 unit of fishing products and 0.10 unit of oil products.
(a) Write the technology matrix for this primitive economy.
fishing oil
[]fishing
oil
b) If surpluses of 20 units of fishing products and 1090 units of oil products are desired, find the gross production of each industry.
fishing | units |
oil | units |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started