Consider the open economy described by the accompanying table, where the input is in

Chapter 1, Problem 3

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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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