Discuss the uses of matrices in economics (give brief examples). Define the identity matrix and an idempotent matrix. Explain the concept of a non - singular matrix

Q: Why would you rather use real variables in an economic analysis

A: Real variables are those where the impacts of costs or potentially expansion have been taken out.…

Q: Analyse the main proposition of the Heckscher-Ohlin theory and StolperSamuelson theorem.

A: The main proposition of both the theories are as follows:  Heckscher-Ohlin theory: According to the…

Q: Consider the following system of equations: -2x+3y=-3 and 3x-4y=5 Use Cramer's rule to solve for y *

A: Equation 1: -2x+3=-3 Equation 2: 3x-4y=5

Q: Explain Gresham's Law

A: According to Gresham's Law, If two moneys are both legal tender at a fixed ratio, the overvalued…

Q: what is a Function? Discuss the following concepts of functions with the help of an economic example…

A: What is a Function? Economists are fascinated by many forms of connections. An economist, for…

Q: what does it mean to have a linear correlation? Give an example of one.

A: Correlation can be defined as a linear relationship between two variables. The value of correlation…

Q: Write short-notes on the following: Stopler-samuelson model Rybczynski Theorem(RT) H-O theorem

A: Disclaimer: Since you have asked multiple questions, we will solve the first question for you. if…

Q: In 2015 Forbes magazine listed Bill Gates, the founder of Microsoft, as the richest person in the…

A: 29) Wealth to be distributed= $76,000,000,000 Total people living in the country= 314,000,000

Q: What is the building block of all the mathematical models we considered and list its key properties.…

A: Building blocks of mathematics The Building Blocks in mathematics is a model based on algebra. It…

Q: Discuss Okun's law and Philip's Curve

A: Okun law in a economics states that there exist a statistical relationship between unemployment rate…

Q: Consider the Romer model of ideas seen in lectures. Ideas are accumulated following AA = 0LA, with 0…

A: The Romer model assumes that a corporation that invests in research technologies isn't the only one…

Q: h information regarding how good a line fits the data points we are studying. True or False

A: The correlation coefficient measures the strength of the relationship which exists between the…

Q: The following graph contains four lines (A, B, C and D), each of which has a slope that is either…

A: Solution: Positive relationship: When two things go hand in hand, it is called positive relation.…

Q: Consider the household production model. An individual produces some of their meals using precooked…

A: We know that demand for a good is influenced by several factors, which together are called…

Q: What are the assumptions of say's law

A: Say's Law states that supply creates its own demand.

Q: What is Engel's law?

A: Engel's law shows relationship between family income and expenditure.

Q: Consider the household production model. An individual produces some of their meals using precooked…

A: The curve that depicts the quantities of goods and services being purchased by consumers at various…

Q: What is Leontief’s Theorem all about?? Explain!

A: International trade provided many theories to explain which country should export what and which…

Q: What is the importance of Matrices in mathematical economics?

A: Mathematical economics is an economic model that uses the principles and methods of mathematics to…

Q: Please use the graph to answer the given questions. Assume the people act rationally.   Which of…

A:

Q: Write the coefficient matrix and the augmented matrix of the given system of linear equations. 5x, +…

A: Given : Set of liner equations  5x1+8x2=98x1-6x2=1

Q: Calculate the Kari person's coefficient of correlation from the following data.

A: Karl Pearson's Coefficient of Correlation is a widely utilized numerical strategy wherein the…

Q: what is a Function? Discuss the following concepts of functions with the help of an economic example…

A: A function can be understood as the mathematical tool that helps to understand the relationship…

Q: Suppose that when the interest rate on loans is 16 percent, businesses find it unprofitable to…

A: If the interest rate is 16%, the investment is zero as it is unprofitable to invest. As the interest…

Q: Assuming that each of the following functions are linear, give an economic interpretation of the…

A: The correct answer is given in the second step.

Q: How can you test for general misspecification of model if it would have only (any of) two…

A: To test for general misspecification of model if it would have only two independent variables then…

Q: 3- Given the way the MPI is designed, there are some aspects that may not be captured. For instance,…

A: True the Master Patient Index (MPI)  is one of the tools that discusses about the broad function and…

Q: Which of the following is true of the circular flow diagram?

A: option first is right answer In circular flow digram, saving is leakage and investment is an…

Q: Do you agree that most economic phenomena can be explain using regression analysis?

A: Econometrics is used to measure economic relationships and to explain economic phenomena. It is a…

Q: write a short note about the following variables and support your answers by giving examples for…

A: Total Fixed Cost (TFC) - Total fixed cost is the cost which does not change with the change in…

Q: What is Baxter's law?

A: Monopoly happens once there's only one trafficker within the market. The monopoly case is taken into…

Q: Suppose that the government tends to maximize the tax revenue. How would the cannabis price drop…

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Heckscher-Ohlin Theorem: Suppose Azerbaijan and Georgia produce meat and potatoes. Azerbaijan is…

A: According to hecksher ohlin theory,country which is capital abundant will produce capital abundant…

Q: am almost positive my answer is right. Is it?

A: What large scale natural disaster may cause ? Large sacle natural disaster leads to reduced the…

Q: What is Base-Case Analysis?

A: In the financial model, while the process of inputting data, there would have been several…

Q: Consider a modern city in which office employment has been steadily shifting from the city center to…

A: Because monetary and time cost has been reduced,due to mass-transit system;movement of…

Q: Einstein was quoted saying "Everything should be made as simple as possible, but not simpler." When…

A: Introduction: Einstein was implying that while it is preferable to make even complicated things as…

Q: Consider the following data on the X-product: a) What was the growth rate of nominal GDP between…

A: a) "Nominal GDP of a year is computed by multiplying price and quantity of that year."

Q: Explain why in every econometric model there must be an error term, explain its function

A: Economics uses the real life models and simplifies them to fit into a mathematical expression. This…

Q: (ii) Given the matrices 4 1/4 A = 2 6. and В -1/12 1/6 Verify that AB = BA = I where I is the…

A: A rectangular table of symbols or numbers which are arranged in columns and rows is called a matrix.…

Q: Given the following data table: X Y 21 68 72 55 38 59 57 57 45 61   What is the…

A: The correlation coefficient measures the strength of the relationship between two variables.  The…

Q: Why researchers use so many theoretical model to do their research, such as regression model,…

A: In economics, researchers are considered as the people who uses empirical evidences, past…

Q: Explain which of the following is the independent variable and which is the dependent variable for…

A: In economics, variables are considered as dependent and independent according to their importance in…

Q: Solve each of the following equations for x x+7=14 5x+4=24 12−4x=−20   Organize each of the…

A: The value of X can be solved as follows. X is 7. X is 4. X is 8.

Q: what is the best example of negative integration and positive integration?

A: Economic integration:-  Economic integration is a treaty among nations that typically means the…