Consider the leontief economic equilibrium model described by ax=b, which can be rearranged to (i-a)x = b. in this model a is a matrix of internal demands (demands for the output of one sector of the economy required for the production of the output of another) while b is a vector of external demands (e. g. the consumer demand for each sector of the economy)a) what is the meaning, in economic terms, of the column space of (i-a)? b) what is the meaning, in economic terms, of the null space of (i-a)?

Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.