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Suppose a simplified economy consisting of the three sectors Manufacturing, Energy, and Sorvices has the input-output matrix below. How many censs of energy are required to produce 51 wort manufactured goods?

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Final answer:

To find out how many units of energy are required to produce 51 units of manufactured goods in this simplified economy, we need to multiply the input-output matrix by the vector representing the manufactured goods.

Step-by-step explanation:

To find out how many units of energy are required to produce 51 units of manufactured goods, we need to multiply the input-output matrix by the vector representing the manufactured goods. Let's label the input-output matrix as A and the manufactured goods vector as x.

A = [2, 4, 3] [1, 0, 1] [3, 2, 1]

x = [51, 0, 0]

Multiplying A by x gives us:

Ax = [2*51 + 4*0 + 3*0, 1*51 + 0*0 + 1*0, 3*51 + 2*0 + 1*0]
Ax= [102, 51, 153]

Therefore, 102 units of energy are required to produce 51 units of manufactured goods in this simplified economy.

Learn more about Energy requirements in a simplified economy

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