Question
. The input-output (Leontief) matrix A = [aj] for an economy based on tourism and mineral products is A [0.2 0.4 0.5 0.2 where
. The input-output (Leontief) matrix A = [aj] for an economy based on tourism and mineral products is A [0.2 0.4 0.5 0.2 where tourism corresponds to subscript 1 and minerals corresponds to subscript 2. (a) Write down (I - A)- (b) We aim to meet a demand for 1000 units of tourism and 600 units for minerals. Set a suitable level of production (to the nearest whole number). (c) Suppose that mineral production is capped at 600 units. What is the greatest demand for minerals that can be met?
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College Mathematics for Business Economics Life Sciences and Social Sciences
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
12th edition
321614003, 978-0321614001
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