Q2 (a): Given the following demand and supply function for three competing products, 9ai = 46 – 10p, + 2p2 + 2p3 9s1 = 12p, – 16 qaz = 30 + 2p1 – 6p2 + 4p3 9s2 = 6p2 - 22 qa3 = 38 + 2p, + 4p2 - 8p3 9s3 = 6p2 – 10 Determine whether there are prices which bring the supply and demand levels into equilibrium for each of the three products. If so, what are the equilibrium quantities? %3! [Use Cramer's rule to solve the system of linear equations.]

Q2 (a): Given the following demand and supply function for three competing products, 9ai = 46 – 10p, + 2p2 + 2p3 9s1 = 12p, – 16 qaz = 30 + 2p1 – 6p2 + 4p3 9s2 = 6p2 - 22 qa3 = 38 + 2p, + 4p2 - 8p3 9s3 = 6p2 – 10 Determine whether there are prices which bring the supply and demand levels into equilibrium for each of the three products. If so, what are the equilibrium quantities? %3! [Use Cramer's rule to solve the system of linear equations.]

Name: Q2 (a): Given the following demand and supply function for three comp
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Description: Q2 (a): Given the following demand and supply function for three competing products,9ai = 46 – 10p, + 2p2 + 2p39s1 = 12p, – 16qaz = 30 + 2p1 – 6p2 + 4p39s2 = 6p2 - 22qa3 = 38 + 2p, + 4p2 - 8p39s3 = 6p2 – 10Determine whether there are prices which br

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 23EQ: 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes...

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23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes 1/2 of the food and 1/3 of the manufactured goods. Manufacturing consumes 1/2 of the food and 2/3 of the manufactured goods. Assuming the economy is closed and in equilibrium, find the relative outputs of the farming and manufacturing industries.
A manufacturer of wind turbines produces a large number of only two types of turbines, C and M, designed to operate in the states of California, C, and the state of Massachusetts, M, respectively. The five-year failure rate of the M turbines p = .12, and the five-year failure rate for C turbines is p = .09, and the failure rates are independent of each other. Three times as many C turbines have been sold (and put into operation) than M turbines. Given that one of this manufacturer's turbines fails within five-years, what is the probability that it was an M turbine?
1. One logistics company is considering two vessels to ship containers. Vessel A can hold 8,000 TEU with fixed costs of $400,000 and variables costs of $700 per TEU. Vessel B can hold 10,000 TEU with fixed costs of $600,000 and variables costs of $500 per TEU. The company charges $1,500 for each TEU it ships. If the company expects to ship 6,000 TEU, which vessel should it select? And what is the point of indifference for the two vessels? Select one: a. Vessel B; Point of indifference=500 TEU b. Vessel B; Point of indifference=1,000 TEU c. Vessel A; Point of indifference=500 TEU d. Vessel B; Point of indifference=600 TEU e. Vessel A; Point of indifference=1,000 TEU f. Vessel A; Point of indifference=600 TEU
In terms of the model parameters, state the null hypothesis that, after controlling for sales and roe, ros has no effect on CEO salary. State the alternative that better stock market performance increases a CEO’s salary.
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Determine the equilibrium prices of three interdependent commodities that satisfyP1 + 3P2 + 3P3 = 32P1 + 4P2 + 3P3 = 37P1 + 3P2 + 4P3 = 35
Justify answer using complementary slackness and give optimal solution also to the dual aswell.
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