Question
In: Math
A primitive economy consists of a fishing industry and an oil industry. A unit of fishing...
A primitive economy consists of a fishing industry and an oil industry. A unit of fishing industry output requires 0.30 unit of fishing industry input and 0.35 unit of oil industry input. A unit of oil industry output requires inputs of 0.04 unit of fishing products and 0.10 unit of oil products.
(a) Write the technology matrix for this primitive economy.
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(b) If surpluses of 10 units of fishing products and 545 units of
oil products are desired, find the gross production of each
industry.
| fishing | units |
| oil | units |
Solutions
milcah answered 2 years agoRelated Solutions
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Quantity
Price
Total Revenue (and total profit)
0
gallons
$120
$ 0
10
110
1100
20
100
2000
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80
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70
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