Question
A simple economy consists of three industries: Agriculture (A), Mining (M) and Construction. The Technology Matrix for the economy is the following: .4.2.3 .1.3.6 .2.5.3
A simple economy consists of three industries: Agriculture (A), Mining (M) and Construction. The Technology Matrix for the economy is the following:
.4.2.3
.1.3.6
.2.5.3
(variable order is A M C in that order)
Presently, production of all three is at a level of 100 units. How much is left over for external demand? A =M =C=
Flag this Question
Question 210pts
A simple economy consists of three industries: Agriculture (A), Mining (M) and Construction. The Technology Matrix for the economy is the following:
.4.2.3
.1.3.6
.2.5.3
(variable order is A M C in that order)
External demand is set to 100 units of all three, what level of production will meet this demand? specifically, how much agriculture is required?
Answer to three decimals accuracy!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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