A. Define the necessary variables to determine the amount of Baseball, Seafood, and Technology to supply to satisfy manufacturing and consumer demands. Bis Sis Tis B. What are the 3 algebraic equations that relate the amount supplied, amount consumed during manufacturing, and amount demanded by the consumer? C. Express the 3 equations from part B in the equivalent matrix form.
A. Define the necessary variables to determine the amount of Baseball, Seafood, and Technology to supply to satisfy manufacturing and consumer demands. Bis Sis Tis B. What are the 3 algebraic equations that relate the amount supplied, amount consumed during manufacturing, and amount demanded by the consumer? C. Express the 3 equations from part B in the equivalent matrix form.
Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter11: Measuring The Cost Of Living
Section: Chapter Questions
Problem 3PA
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3. Suppose an economy consists of Baseball, Seafood, and Technology.
To produce one unit of Baseball requires:
.2 units of Baseball .4 of units of Seafood .3 units of Technology
To produce one unit of Seafood requires:
.1 units of Baseball .2 of units of Seafood .5 units of Technology
To produce one unit of Technology requires:
.3 units of Baseball .1 of units of Seafood .5 units of Technology
The consumer demand is:
170 units of Baseball 100 units of Seafood 200 units of Technology
A. Define the necessary variables to determine the amount of Baseball, Seafood,
and Technology to supply to satisfy manufacturing and consumer demands.
B is
S is
T is
B. What are the 3 algebraic equations that relate the amount supplied, amount
consumed during manufacturing, and amount demanded by the consumer?
C. Express the 3 equations from part B in the equivalent matrix form.
D. How much Baseball, Seafood, and Technology must be supplied to meet
manufacturing and consumer demands.
First provide the matrix from part C in the form: X = (I – A)-1 D, then determine B, S, T.
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