Problem
1. A firm uses 3 different inputs K, L and R to make two final products X and Y. Each unit of X produced requires 2 units of K, 8 units of L and 23 units of R. Each unit of Y produced requires 3 units of K, 5 units of L and 26 units of R. Set up these input requirements in matrix format.
2. ‘A vector is a special form of matrix but a matrix is not a special form of vector'. Is this statement true?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.