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2. In a two-industry economy. it is know that industry I uses 10 cents of its own product and 60 cents of commodity II to produce a dollar's worth of commodity I: industry II uses none of its own product but uses 50 cents of commodity I in producing a dollar's worth of commodity II: and the open sector demands RM1000 billion of commodity I and RM2000 billion of commodity II. a) Write out the input matrix. the Leontief matnx. and the specific input-output matrix equation for this economy. b) Find the solution output levels by Cramer's rule.

2. In a two-industry economy. it is know that industry I uses 10 cents of its own product and 60 cents of commodity II to produce a dollar's worth of commodity I: industry II uses none of its own product but uses 50 cents of commodity I in producing a dollar's worth of commodity II: and the open sector demands RM1000 billion of commodity I and RM2000 billion of commodity II. a) Write out the input matrix. the Leontief matnx. and the specific input-output matrix equation for this economy. b) Find the solution output levels by Cramer's rule.

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.2: Guassian Elimination And Matrix Methods
Problem 87E
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In a two-industry economy. it is know that industry I uses 10 cents of its oWn product and 60 cents of commodity II to produce a dollar's worth of commodity I: industry II uses none of its own product but uses 50 cents of commodity I in producing a dollar's worth of commodity II: and the open sector demands RM1000 billion of commodity I and RM2000 billion of commodity II. a) Write out the input matrix. the Leontief matnx. and the specitic input-outpuf matrix equation for this economy. b) Find the solution output levels by Cramer's nile. 2. Delete, in rotate pa
Transcribed Image Text:In a two-industry economy. it is know that industry I uses 10 cents of its oWn product and 60 cents of commodity II to produce a dollar's worth of commodity I: industry II uses none of its own product but uses 50 cents of commodity I in producing a dollar's worth of commodity II: and the open sector demands RM1000 billion of commodity I and RM2000 billion of commodity II. a) Write out the input matrix. the Leontief matnx. and the specitic input-outpuf matrix equation for this economy. b) Find the solution output levels by Cramer's nile. 2. Delete, in rotate pa
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