Create an augmented matrix to repsent an economy under the Closed Leontief Model
Not what you're looking for?
A closed model for an economy identifies government, the profit sector, the nonprofit sector, and households as its industries. Each unit of government output requires 0.4 unit of government input, 0.3 unit of profit sector input, 0.3 unit of nonprofit sector input, and 0.4 unit of households input. Each unit of profit sector output requires 0.3 unit of government input, 0.4 unit of profit sector input, 0.2 unit of nonprofit sector input, and 0.5 unit of households input. Each unit of nonprofit sector output requires 0.2 unit of government input, 0.2 unit of profit sector input, 0.2 unit of nonprofit sector input, and 0.7 unit of households input. Each unit of households output requires
0.05 unit of government input, 0.2 unit of profit sector input, 0.2 unit of nonprofit sector input, and 0.25 unit of households input.
Write the augmented matrix for this closed model of the economy according to the Closed Leontief model as described in Mathematical Applications for the Management, Life, and Social Sciences By Ronald J. Harshbarger, James J. Reynolds.
Purchase this Solution
Solution Summary
PDF showing the set up of the "technology matrix" and application of the "technology equation" to yield the augmented matrix.
Purchase this Solution
Free BrainMass Quizzes
Multiplying Complex Numbers
This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.
Probability Quiz
Some questions on probability
Geometry - Real Life Application Problems
Understanding of how geometry applies to in real-world contexts
Know Your Linear Equations
Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.
Graphs and Functions
This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.