A firm's total revenue function takes the form cQ² + dQ. It is known that TR = 402 when Q = 3 and TR = 1098 when Q = 9. (a) Show that this information may be expressed as Ax = b where x = [c, d]¹, b = [402, 1098] and A is a 2x2 matrix which should be stated. (b) Use the matrix inverse method to work out the values of c and d, and hence write down the demand equation. (a) The coefficient matrix is (b) c= -2, d = 140 and the demand equation is P=Q+
A firm's total revenue function takes the form cQ² + dQ. It is known that TR = 402 when Q = 3 and TR = 1098 when Q = 9. (a) Show that this information may be expressed as Ax = b where x = [c, d]¹, b = [402, 1098] and A is a 2x2 matrix which should be stated. (b) Use the matrix inverse method to work out the values of c and d, and hence write down the demand equation. (a) The coefficient matrix is (b) c= -2, d = 140 and the demand equation is P=Q+
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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![A firm's total revenue function takes the form cQ2 + dQ. It is known that TR = 402 when Q = 3 and TR = 1098 when Q = 9.
(a) Show that this information may be expressed as Ax = b where x = [c, d]¹, b = [402,
1098] and A is a 2x2 matrix which should be stated.
(b) Use the matrix inverse method to work out the values of c and d, and hence write down
the demand equation.
(a) The coefficient matrix is
(b) c= -2, d = 140 and the demand equation is
P=Q+](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0ce2abb0-0757-4736-b725-227c6a08cdfb%2Fedb9b50c-8c74-45af-98e2-a261e0a06c39%2Fhxh5yn7_processed.png&w=3840&q=75)
Transcribed Image Text:A firm's total revenue function takes the form cQ2 + dQ. It is known that TR = 402 when Q = 3 and TR = 1098 when Q = 9.
(a) Show that this information may be expressed as Ax = b where x = [c, d]¹, b = [402,
1098] and A is a 2x2 matrix which should be stated.
(b) Use the matrix inverse method to work out the values of c and d, and hence write down
the demand equation.
(a) The coefficient matrix is
(b) c= -2, d = 140 and the demand equation is
P=Q+
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