Anecono my depends on two basic pr ducts, wheat and oa Toproduce 1 metric ton of

Question

Anecono my depends on two basic pr ducts, wheat and oa Toproduce 1 metric ton of wheatreqdees 024metric tons of wheat and32metk tnsofod Production of 1 metic ton of oil consumes 0 08 metric tons of wh 011 metric loms of oh pdo that wll satisty a demand fer 520 matic tos of wha ad 0metik tens of cl Input-output matrix A 024 008 032 011 How much wheat is required to satisly the demand metric tons the fnal answer to the nearest whole number as needed Round the elements of the inverse matrix to twe decimal places as needed Round th How much oil is required to satisly the demand? Round the fnal answer to the nearest whole number as needed Round the eloments metric tons of the Iinverse matris to twe decimal places as needed)

Explanation / Answer

1 wheat requires 0.24wheat and 0.32oil

1 oil needs 0.08wheat and 0.11oil

x wheat
y oil

So, we have
N = 520(0.24x + 0.32y) + 950(0.08x + 0.11y)

N = 124.8x + 166.4y + 76x + 104.5y

N = 200.8x + 270.9y

Ans :
Wheat : 200.8 tons of wheat
Oil : 270.9 tons of oil

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