A manufacturer produces three products x, y, z which he sells in two markets.Annual sales are indicated below:Market                     ProductsI.                          10,000   2,000   18,000II.                          6,000    20,000   8,000(a) If unit sale prices of x, y and z are  $2.50, $1.50 and $ 1.00, respectively,find the total revenue in each market with the help of matrix algebra.(b) If the unit costs of the above three commodities are $2.00, $ 1.00 and50 cents respectively. Find the gross profit.

Question
Asked Jan 26, 2020
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A manufacturer produces three products x, y, z which he sells in two markets.
Annual sales are indicated below:
Market                     Products
I.                          10,000   2,000   18,000
II.                          6,000    20,000   8,000
(a) If unit sale prices of x, y and z are  $2.50, $1.50 and $ 1.00, respectively,
find the total revenue in each market with the help of matrix algebra.
(b) If the unit costs of the above three commodities are $2.00, $ 1.00 and
50 cents respectively. Find the gross profit.

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Expert Answer

Step 1

The matrix for the product x, y, z per market be denoted by matrix A:

Algebra homework question answer, step 1, image 1
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Step 2

Part (A)

 

Let the unit sale price of products x, y and z premarket be denoted by matrix B.

 

Algebra homework question answer, step 2, image 1
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Step 3

Total revenue = Total sales...

Algebra homework question answer, step 3, image 1
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