Mathematics, 25.02.2020 21:11 trillsmith
Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Chemicals sells 30% of its output to Fuels and 50% to Machinery and retains the rest. Fuels sells 80% of its output to Chemicals and 10% to Machinery and retains the rest. Machinery sells 40% to Chemicals and 40% to Fuels and retains the rest. 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.
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Consider an economy with three sectors, Chemicals & Metals, Fuels & Power, and Machinery. Ch...
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