CHECKPOINT
The following technology matrix for a simple economy describes the relationship of certain industries to each other in the production of
Which industry is most dependent on its own goods for its operation?
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Mathematical Applications for the Management, Life, and Social Sciences
- 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.arrow_forwardRedo Exercise 5, assuming that the house blend contains 300 grams of Colombian beans, 50 grams of Kenyan beans, and 150 grams of French roast beans and the gourmet blend contains 100 grams of Colombian beans, 350 grams of Kenyan beans, and 50 grams of French roast beans. This time the merchant has on hand 30 kilograms of Colombian beans, 15 kilograms of Kenyan beans, and 15 kilograms of French roast beans. Suppose one bag of the house blend produces a profit of $0.50, one bag of the special blend produces a profit of $1.50, and one bag of the gourmet blend produces a profit of $2.00. How many bags of each type should the merchant prepare if he wants to use up all of the beans and maximize his profit? What is the maximum profit?arrow_forwardReferring to Exercise 19, suppose that the unit cost of distributing the products to stores is the same for each product but varies by warehouse because of the distances involved. It costs $0.75 to distribute one unit from warehouse 1 and $1.00 to distribute one unit from warehouse 2. Organize these costs into a matrix C and then use matrix multiplication to compute the total cost of distributing each product.arrow_forward
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