Question
The input-output matrix of three industries X, Y and Z is given below as: [0.2 0.3 0.2] A= 0.4 0.1 0.3 0.3 0.5 0.2
![](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/04/6438d4cf4f298_1681446094679.jpg)
The input-output matrix of three industries X, Y and Z is given below as: [0.2 0.3 0.2] A= 0.4 0.1 0.3 0.3 0.5 0.2 Assume that the industries operate in an open economic system with external demand given by the [150] matrix B= 260. Assume also that the output industries (X, Y and Z) are represented by the three 210 columns and the input industries (X, Y and Z) are also represented by the three rows of the input- 1 output matrix given above. a. Using the information given above, give an economic interpretation for each of the 9 elements of the input-output matrix A. [9 marks] b. Using the Cramer's Rule, determine the total demand for industry X. [6 marks]
Step by Step Solution
5.00 Ratings (2 Votes)
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
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](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started