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Consider an economy with three sectors: Fuels and Power,

Linear Algebra and Its Applications | 4th Edition | ISBN: 9780321385178 | Authors: David C. Lay ISBN: 9780321385178 62

Solution for problem 3E Chapter 1.6

Linear Algebra and Its Applications | 4th Edition

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Linear Algebra and Its Applications | 4th Edition | ISBN: 9780321385178 | Authors: David C. Lay

Linear Algebra and Its Applications | 4th Edition

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Problem 3E

Problem 3E

Consider an economy with three sectors: Fuels and Power, Manufacturing, and Services. Fuels and Power sells 80% of its output to Manufacturing, 10% to Services, and retains the rest. Manufacturing sells 10% of its output to Fuels and Power, 80% to Services, and retains the rest. Services sells 20% to Fuels and Power, 40% to Manufacturing, and retains the rest.

a. Construct the exchange table for this economy.

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.

c. [M] Find a set of equilibrium prices when the price for the Services output is 100 units.

Step-by-Step Solution:
Step 1 of 3

4/19/16 ● C. Wright mills and conflict theory­the power elite model ○ Mills went completely against Parsons theory on functionalism and focused more on Weber’s theory of MPP to develop his theory. Mills asked the main question of who holds the power in society He came up with the power elite model. He argued that society is governed by a small number of unelected officials who make all the major decisions in our society: he refers to this group of elites as the triangle of power: ■ Military segment (made up of 5 star generals) ■ Economic segment (made up of corporate CEOs from the largest corporations)

Step 2 of 3

Chapter 1.6, Problem 3E is Solved
Step 3 of 3

Textbook: Linear Algebra and Its Applications
Edition: 4
Author: David C. Lay
ISBN: 9780321385178

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Consider an economy with three sectors: Fuels and Power,