Suppose that production of 1 unit of mining requires 3 / 7 unit of mining, 2 /

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Question:

Suppose that production of

1

unit of mining requires

3 / 7

unit of mining,

2 / 7

unit of manufacturing,

2 / 7

unit of communication. To produce

1

unit of manufacturing requires

5 / 7

unit of mining,

1 / 7

unit of manufacturing, and

1 / 7

unit of communication. To produce

1

unit of communication requires

0

units of mining,

3 / 7

unit of manufacturing, and

4 / 7

unit of communication. Find the ratio of the three commodities in the closed model.

Related Book For answer-question

College Algebra Graphs And Models

ISBN: 9780134179032

6th Edition

Authors: Marvin Bittinger, Judith Beecher, David Ellenbogen, Judith Penna

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Posted Date: Apr 08, 2024 03:10 AM

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Suppose that production of 1 unit of mining requires 3 / 7 unit of mining, 2 /

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Expert Answer:

To find the ratio of the three commodities in the closed model we can set up a system of equations b... View the full answer

College Algebra Graphs And Models

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