?An automobile mechanic (M) and a body shop (B) use each other’s services. For each \(\$
Chapter 1, Problem 1(choose chapter or problem)
An automobile mechanic (M) and a body shop (B) use each other’s services. For each \(\$ 1.00\) of business that M does, it uses \(\$ 0.50\) of its own services and \(\$ 0.25\) of B’s services, and for each
\(\$ 1.00\) of business that B does it uses \(\$ 0.10\) of its own services and \(\$ 0.25\) of M’s services.
a. Construct a consumption matrix for this economy.
b. How much must M and B each produce to provide customers with \(\$ 7000\) worth of mechanical work and \(\$ 14,000\) worth of body work?
Equation Transcription:
Text Transcription:
$1.00
$0.50
$0.25
$1.00
$0.10
$0.25
$7000
$14,000
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