A simple economy has a shoe industry and a cattle industry. Each unit of shoe output requires inputs of 0.1 unit of shoes and 0.3 unit of cattle products. Each unit of cattle products output requires inputs of 0.1 unit of shoes and 0.05 unit of cattle products. (a) Write the technology matrix for this simple economy. (Use the first row and first column for shoes and the second row and second column for cattle products.) (b) If surpluses of 760 units of shoes and 205 units of cattle products are desired, find the gross production of each industry. shoes cattle products

A simple economy has a shoe industry and a cattle industry. Each unit of shoe output requires inputs of 0.1 unit of shoes and 0.3 unit of cattle products. Each unit of cattle products output requires inputs of 0.1 unit of shoes and 0.05 unit of cattle products. (a) Write the technology matrix for this simple economy. (Use the first row and first column for shoes and the second row and second column for cattle products.) (b) If surpluses of 760 units of shoes and 205 units of cattle products are desired, find the gross production of each industry. shoes cattle products

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter6: Linear Systems

Section6.3: Matrix Algebra

Problem 68E

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