Suppose a primitive economy consists of two industries, farm products and farm machinery. Suppose also that its technology matrix is represented by the matrix shown below. P M A = 0.6 0.2 0.2 0.4 Products Machinery If surpluses of 80 units of farm products and 5 units of farm machinery are desired, find the gross production of each industry.
Suppose a primitive economy consists of two industries, farm products and farm machinery. Suppose also that its technology matrix is represented by the matrix shown below. P M A = 0.6 0.2 0.2 0.4 Products Machinery If surpluses of 80 units of farm products and 5 units of farm machinery are desired, find the gross production of each industry.
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 5PA
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Suppose a primitive economy consists of two industries, farm products and farm machinery. Suppose also that its technology matrix is represented by the matrix shown below.
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If surpluses of 80 units of farm products and 5 units of farm machinery are desired, find the gross production of each industry.
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