Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A primitive economy depends on two basic goods, yams and pork. Production of 1 bushel of yams requires 1/8 bushel of yams and 1/2 of

image text in transcribedimage text in transcribed
image text in transcribedimage text in transcribed
A primitive economy depends on two basic goods, yams and pork. Production of 1 bushel of yams requires 1/8 bushel of yams and 1/2 of a pig. To produce 1 pig requires 1/6 bushel of yams. Find the amount of each commodity that should be produced to get the following. (a) 1 bushel of yams and 1 pig (b) 300 bushels of yams and 70 pigs _ (a) Find the input-output matrix, A, and the demand matrix, D, for this economy. The input-output matrix is |:| (Type an integer or fraction for each matrix element.) Use the inverse of the coefficient matrix to solve the system of equations. x + 2y + 3z = 15 2x + 3y + 2z = 19 - x - 2y - 2z = -26 (. . . ( x, y,z) = ()(Type an ordered triple, using integers or fractions.)

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

Leading and Collaborating in the Competitive World

Authors: Thomas S Bateman, Scott A Snell, Robert Konopaske

13th edition

1259927644, 1259927645, 978-1260194241

More Books

Students also viewed these Economics questions