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What is the total value of the commodities

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Reference no: EM131567367

Question: Consider a collection of n individuals, each of whom owns a definite quantity of m different commodities. Let aij be the number of units of commodity i owned by individual j , where i = 1, 2,..., m, while j = 1, 2,..., n.

(a) What does the list (a1j, a2j,...,amj ) represent?

(b) Explain in words what a11 + a12 +···+ a1n and ai1 + ai2 +···+ ain express.

(c) Let pi denote the price per unit of commodity i (i = 1, 2,...,m). What is the total value of the commodities owned by individual j?

Reference no: EM131567367

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