Question

01. a) Solve the system of equations. { ? + ? + 2? = 4 ?...

01. a) Solve the system of equations. { ? + ? + 2? = 4

? + 2? + ? + ? = 4

2? + 5? + 4? + 2? = 10

2? + ? + 2? = 0

b) Suppose the technology matrix for a closed model of a simple economy is given by matrix A. Find the gross productions of the industries.

c) An economy has a manufacturing industry and a banking industry. Each unit of manufacturing output requires inputs of 0.5 unit of manufacturing and 0.2 unit of banking. Each unit of banking output requires inputs of 0.3 unit each of manufacturing and banking.

i. Write the technology matrix for this economy.

ii. If surpluses of 141 units of manufacturing and 106 units of banking are desired, find the gross production of each economy.

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