Math 141 Homework 3
Due: July 14, 2016
Section 2.6:
1. Consider an economy that is divided into three sectors: manufacturing, agriculture,
and services. For each $1 of output, the manufacturing sector requires 10¢ of other
manufacturing goods, 30¢ of agricultural goods, and 30¢ of services. For each $1 of
agricultural output, 20¢ of agricultural goods, 60¢ of manufacturing goods, and 10¢ of
services are required. Finally, for each $1 of output, the services sector consumes 10¢ of
services, 60¢ of manufacturing, and no agricultural products.
(a) Write the consumption matrix C for this economy.
(b) Determine the production levels necessary to satisfy the following consumer demand: $100 million of manufacturing, $200 million of agriculture, and $50 million
of services.
2. Explain (in complete sentences) why the columns of any reasonable consumption matrix always sum to less than 1.
Section 3.1: 2, 3, 7, 8, 15-26, 48, 50, 52, 55-62.
Section 3.2: 2, 6, 7, 8, 10, 13, 19, 20, 41-44.
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