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

question 258

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) $32.80 million, $33.00 million and $25.20 million output of the first, the second and the third sectors respectively
• B) $52.80 million, $58.00 million and $25.20 million output of the first, the second and the third sectors respectively
• C) $32.80 million, $58.00 million and $22.20 million output of the first, the second and the third sectors respectively
• D) $52.80 million, $33.00 million and $22.20 million output of the first, the second and the third sectors respectively

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, leading to a state of market equilibrium.

Equilibrium Price

The cost at which the amount of a product that buyers want to purchase matches the amount that sellers are willing to supply, creating equilibrium in the market.

Marginal Cost

Marginal cost is the increase in total cost that arises from producing one additional unit of a product or service.

Total Variable Costs

The sum of all costs that vary directly with the level of production, such as materials and labor directly involved in the production process.