Closed Leontief Model A society consists of four individuals: a farmer, a builder, a

Chapter 3, Problem 7

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Closed Leontief Model A society consists of four individuals: a farmer, a builder, a tailor, and a rancher (who produces meat products). Of the food produced by the farmer, is used by the farmer, by the builder, by the tailor, and by the rancher. The builders production is utilized 30% by the farmer, 30% by the builder, 10% by the tailor, and 30% by the rancher. The tailors production is used in the ratios and by the farmer, builder, tailor, and rancher, respectively. Finally, meat products are used 20% by each of the farmer, builder, and tailor, and 40% by the rancher. What is the relative income of each if the ranchers income is scaled at $25,000?

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