Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 20% of its output to Fuels and 70% to Machinery and retains the rest. Fuels sells 80% of its output to Chemicals and 10% to Machinery and retains the rest. Machinery sells 20% of its output to Chemicals and 30% to Fuels and retains the rest. Complete parts (a) through (c) below. Distribution of Output from: Chemicals Fuels 8 1 1 2 .7 Machinery 2 .3 5 ** Purchased by: Chemicals Fuels Machinery (Type integers or decimals.) b. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is (Type an integer or decimal for each matrix element.)

Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 20% of its output to Fuels and 70% to Machinery and retains the rest. Fuels sells 80% of its output to Chemicals and 10% to Machinery and retains the rest. Machinery sells 20% of its output to Chemicals and 30% to Fuels and retains the rest. Complete parts (a) through (c) below. Distribution of Output from: Chemicals Fuels 8 1 1 2 .7 Machinery 2 .3 5 ** Purchased by: Chemicals Fuels Machinery (Type integers or decimals.) b. Develop a system of equations that leads to prices at which each sector's income matches its expenses. Then write the augmented matrix that can be row reduced to find these prices. The first, second, and third columns of the matrix should correspond to Chemicals, Fuels, and Machinery, respectively. The augmented matrix is (Type an integer or decimal for each matrix element.)

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 23EQ: 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes...

See similar textbooks