Consider the open economy described by the accompanying table, where the input is in
Chapter 1, Problem 3(choose chapter or problem)
Consider the open economy described by the accompanying table, where the input is in dollars needed for $1.00 of output. (a) Find the consumption matrix for the economy. (b) Suppose that the open sector has a demand for $1930 worth of housing, $3860 worth of food, and $5790 worth of utilities. Use row reduction to find a production vector that will meet this demand exactly. Table Ex-3 Income Required per Dollar Output Housing Food Utilities Provider Housing $ 0.10 $ 0.60 $ 0.40 Food $ 0.30 $ 0.20 $ 0.30 Utilities $ 0.40 $ 0.10 $ 0.20
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