Matrix a Is an Input-Output Matrix Associated with an Economy

question 152

Multiple Choice

Matrix A is an input-output matrix associated with an economy, and matrix D (units in millions of dollars) is a demand vector. Find the final outputs of each industry so that the demands of both industry and the open sector are met. ​ ​

• A) $43.33 million and $34.67 million output of the first and the second sector respectively
• B) $22.33 million and $34.67 million output of the first and the second sector respectively
• C) $43.33 million and $46.67 million output of the first and the second sector respectively
• D) $22.33 million and $46.67 million output of the first and the second sector respectively

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Definitions:

Unitary

Describes a system of government where there is no division of powers between regional governments and a central government, or a singular entity in a given context.

Elasticity of Supply

A measure of how the quantity supplied of a good responds to a change in the price of that good, defined as the percentage change in quantity supplied divided by the percentage change in price.

Total Revenue

The total income generated from the sale of goods or services before any expenses are subtracted.

Elasticity of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good.