Solve the problem.The economy of Mongovia is composed of three industries: I, II, and III. Suppose that in order to produce $1 worth of industry I, it takes $0.02 worth of I, $0.20 worth of II and $0.30 worth of III. To produce $1 worth of industry II, its takes $0.05 worth of I, $0.02 worth of I, and $0.20 worth of III. To produce $1 worth of industry III, it takes $0.10 worth of I, $0.15 worth of II, and $0.02 worth of III.(a) Write the input-output matrix for this economy.(b) How much should each industry produce to allow for consumption at these levels: $3 million for I, $2 million for II, and $3 million for III?
What will be an ideal response?
| (a) | I | II | III |
(b) $3.75 million worth of industry I, $3.56 million worth of industry II, $4.93 million worth of industry III.
Mathematics
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