3. Suppose we have three factories: factory 1 produces paper, factory 2 produces plastic andfactory 3 produces metal. We have the following input coefficient matrix and the demandvector:5 13 12]A = 34 61 26 d=8251s7 46 37[502]1332Find the output levels for each factory to meet the demands using a. Matrix Inversion,

The input output analysis in economics is based on the interdependence between different sectors of…

Answered: 3. Suppose we have three factories:…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Two functions are given for supply and demandP=2QS^2+QS+7P=-QD^2-3QD+45 Can give us a fair competitionYou can use GeoGebra to solve this problem graphically, but as always you must describe each step and each idea a) Calculate consumer's surplus b) Calculate producer's surplus Draw good diagrams of the solutions to both a and b,
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
Rrr
The demand equations for the related products A and B are given by: 30 PB 9A (PA) qB 50√ PA (PB) where qA; qB are the quantities demanded of A and B and pA; pB are the corresponding prices in dollars per unit 1What is the value of the marginal demand for product A with respect to pA when pA = 8 and pB = 64? 2What is the value of the marginal demand for product A with respect to pB when pA = 8 and pB = 64? 3Indicate whether products A and B are complementary, competitive, or neither.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
The profit function of our firm is a piecewise function depending on 2 goods: II(Q₁, Q₂) = AQ² - 3Q² + Q1Q2 + 35Q₁ + 82Q2 − 245 if Q₁ ≤ 5 Unfortunately, we don't know have any information about the profit function when Q₁>5. As we don't have any information when the quantity produced of good 1 is greater than 5, we use the total differential equation to make estimations when Q1>5. Currently, we are producing 5 units of good 1 and 10 units of good 2. a) What is the value of A knowing that our estimation of profit, using total differential equation, is 500 when Q₁=7 and Q₂=10? A = b) Assuming that we still produce 5 units of good 1 and 10 units of good 2. Using total differential equation, how many units of good 1 should we produce in total to increase profit by 38% if we decrease production of good 2 to 8 units? (If needed, round your answer to 2 digits after the decimal point). Q₁=
2
10
The demand and supply functions for a product are: O, = 50 - 3P and O, =-6+4P, respectively B (i) Graph each function on the same diagram. From the graph determine the equilibrium price and quantity. Confirm your answer algebraícally. (ii) If the producer must pay a fixed tax of £3.5 per unit, rewrite the equation of the supply function to include tax. Graph the supply function and hence determine the equilibrium point when tax is included. What percentage of the tax is paid by the consumer? Give an interpretation for your results.
0.50.2 Given the production function q = f(x1, x2) = 1.32 × xx2, input price vector (w1, w2) and output price P, what are correct about the input demands x(w1, w2, p), x (w1, w2, p) ? Numerical results are rounded to the nearest 3-digit. Select one or more: Select one or more: O x (8, 5, 17) = 3.336 and x (8, 5, 17) = 2.202 O x(4, 7, 12) = 4.398 and x (4, 7, 12) = 0.833 O x (8, 5, 16) = 1.874 and x(8, 5, 16) = 1.199 O x (5, 7, 12) = 2.01 and x (5, 7, 12) = 0.982
K0.8 10.2 Consider a firm with the production function F(K, L) 10. (Concretely, imagine that due to technological imperfections, the first 10 units of output are unus- able, so that if the firm produces 100 units of a good, only 90 are of sufficient quality). If the firm is currently using L = 20 units of labor and K = 20 units of capital, what is the elasticity of substitution? (a) 1 (b) 2 (c) 4 (d) 8 (e) 10 =

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