MATH 2210Q Applied Linear Algebra Assignment

Added on - 03 May 2020

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Running head: APPLIED LINEAR ALGEBRA1Applied Linear AlgebraNameInstitution1
APPLIED LINEAR ALGEBRA2Applied Linear AlgebraQuestion 1According to Polya, four step-by-step techniques are used to solve any problem. First,understand the problem.Evidently, the problem requires the equilibrium prices of two sectors (goods and services) thatcan make expenditures equivalent to expenses. In the question, Goods sell 80% worth of itsoutputs to the services economy. On the other hand, Services sell 70% worth of outputs to Goodssector.Secondly, we devise a plan to solve the problem. The plan involves constructing an exchangetable. Then, fill in the columns of the exchange table. After that, we denote the output of theGoods and Services as MGand MSrespectively.We then carry out the plan as follows:The exchange table is shown in table 1, where the column entries define the destination of asector’s output.Notably, Goods retain (100-80)/100=0.2 whereas Services retain (100-70)/100=0.3Dispersal of outputs from a sectorSector OutputGoods (MG)Services (MS)Sector inputPurchaser0.200.70Goods0.800.30ServicesThen, denoting the output of the Goods and Services as MGandMSrespectively and determiningthe total input to the goods in the first row we obtain,0.20MG+0.70MS.Therefore, the income2
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