A primitive economy consists of a fishing Industry and an oll ndustry. A unlt of

Question

A primitive economy consists of a fishing Industry and an oll ndustry. A unlt of fishing industry output requires 030 unit of ishing Industry Input and .33 unit of oll industry Input.A unit o ll Industry output requires inputs of 0.04 unit of fishing products and 0.10 unit of oil products. (a) Write the technology matrix for this primitive economy. Fishing oil Fishing Oil (b) If surpluses of 20 units of fishing products and 1090 units of oil products are desired, find the gross production of each industry. fishing oil units units

Explanation / Answer

a)

Tecchnology matrix is given by:

Fishing oil

.30 .04 fishing

.39 .10 oil

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