All the technology matrices in the text have elements between 0 and 1 .Why is this the case? Would you ever expect to find an element in a technology matrix that is negative? That is equal to 0 ? That is equal to 1 ? That is greater than 1 ?
All the technology matrices in the text have elements between 0 and 1 .Why is this the case? Would you ever expect to find an element in a technology matrix that is negative? That is equal to 0 ? That is equal to 1 ? That is greater than 1 ?
Solution Summary: The author explains that technology matrix is the input required from an industry to produce a dollar's worth of output.
All the technology matrices in the text have elements between
0
and
1
.Why is this the case? Would you ever expect to find an element in a technology matrix that is negative? That is equal to
0
? That is equal to
1
? That is greater than
1
?
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