A) The equilibrium prices P1 and P2 for two goods satisfy the equations:
9P1 + P2 = 51
3P1 +...
Mathematics, 23.01.2022 14:00 queenx1xshay
A) The equilibrium prices P1 and P2 for two goods satisfy the equations:
9P1 + P2 = 51
3P1 +4P2 = 39
Express this system in matrix form and hence find the values of P1 and P2 using inverse matrix.
b) If the market extends to 3 goods with prices P1, P2, and P3 which satisfy:
P1 +2P2 + 3P3 = 42
2P1 + P2 +4P3 = 47
P1 + 3P2 +4P3 = 57
Determine the equilibrium prices of three interdependent commodities using inverse matrix.
Answers: 3
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