Consider a collection of n individuals each of whom owns a

Question

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 (a_1j, a_2j,...,a_mj ) represent?

(b) Explain in words what a₁₁ + a₁₂ +···+ a_1n and a_i1 + a_i2 +···+ 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?