Let $( I - A ) ^ { - 1 } = \left[ \begin{array} { c c c } 1.3 & 0.2 & 0 \\0.3 & 1.2 & 0.3 \\0 & 0 & 1.1\end{array} \right]$

question 141

Essay

Let $( I - A ) ^ { - 1 } = \left[ \begin{array} { c c c } 1.3 & 0.2 & 0 \\0.3 & 1.2 & 0.3 \\0 & 0 & 1.1\end{array} \right]$ and assume that the external demand for the products in each of the sectors increases by 1 unit. By how many units should each sector increase production

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Definitions:

McDonaldization

A term that describes the process by which the principles of the fast-food industry, such as efficiency, predictability, and standardization, have come to dominate other sectors of society.

Rationalization

Rationalization is the application of the most efficient means to achieve given goals and the unintended, negative consequences of doing so.

Fast-Food Restaurants

Eateries that offer quick service, convenience, and food that is prepared in bulk in advance and kept hot or reheated to order.

World Exploration

The historical process of discovering new lands, cultures, and resources by people from one part of the world travelling to others, often leading to significant cultural exchanges and transformations.