Need help I don't understand. c. Graph the relative demand in a diagram with the relative price of fish (PF/PW) on thevertical axis and the relative quantity of fish (QF/QW) on the horizontal axis.d. Derive the world relative supply curve and draw it on the same figure as you created forpart c.e. Compute the equilibrium relative price of fish under free trade, and draw the budget linesfor a typical worker in each country. Which country produces which good(s)? Is therecomplete specialization? Who gains from trade?f. What happens (conceptually) if the population of Iceland falls? Consider the following model of trade between Iceland and Finland. There are two goods:Fish and Wheat. The only factor of production is labor. Each Icelandic worker can produce 1unit of fish or 2 unit of wheat per unit of time, while each Finnish worker can produce 2 unitsof fish or 6 units of wheat per unit of time. There are 8 million workers in Iceland and 3million in Finland. The relative demand in each country is given by

Let's further break down the graphical representation and concepts for better clarity.c. Graph for…

Answered: c. Graph the relative demand in a…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 27EQ

See similar textbooks

Similar questions

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.
What operations can be performed on a linear system to arrive at an equivalent system?
Suppose the coal and steel industries form a closed economy. Every $1 produced by the coal industry requires $0.30 of coal and $0.70 of steel. Every $1 produced by steel requires $0.80 of coal and $0.20 of steel. Find the annual production (output) of coal and steel if the total annual production is $20 million.
If during the following year it is predicted that each comedy skit will generate 30 thousand and each musical number 20 thousand, find the maximum income for the year. A television program director must schedule comedy skits and musical numbers for prime-time variety shows. Each comedy skit requires 2 hours of rehearsal time, costs 3000, and brings in 20,000 from the shows sponsors. Each musical number requires 1 hour of rehearsal time, costs 6000, and generates 12,000. If 250 hours are available for rehearsal and 600,000 is budgeted for comedy and music, how many segments of each type should be produced to maximize income? Find the maximum income.
Can any matrix be written as a system of linear equations? Explain why or why not. Explain how to write that system of equations.
Write the system of equations that corresponds to the augmented matrix: [111423181113] .
A diesel engine uses type A filter and high-grade lubricating oil costing P55 per liter. With this filter, the oil and the filter have to be changed every 500hrs. of operation, and 5L of oil have to be added every 100hrs. This filter costs P1480 a piece. Eighty liters of oil fill the engine. Another type, filter B, costing of P1200 may be used with a lower grade of oil costing P48 per liter. However, if this filter is used, the oil and filter have to be changed every 300hrs and 10 liters are added after each 150hrs the engine is used. Hint: Consider the cost per hour.
The amount of nitrogen (in lb/acre), phosphate (in lb/acre), and labor (in hr/acre) needed to grow honeydews, yellow onjons, and lettuce is given by the table to the right. Complete parts a and b. OA. Yes, the farmer should allot B. No, it is not possible to use all resources completely. acres for honeydew, for yellow onions, and acres for lettuce. Honeydews 120 Nitrogen Phosphate 180 Labor 5 a) If the farmer has 230 acres, 30,300 lb of nitrogen, 34,400 lb of phosphate, and 400 hours of labor, is it possible to use all resources completely? If so, how many acres should he allot for each crop? Select the correct choice below and, if necessary, fill in the answer box to complete your choice. ⒸA. Yes, the farmer should allot acres for honeydew, OB. No, it is not possible to use all resources completely. Yellow onions 150 acres for lettuce. 80 6 Lettuce b) Suppose everything is the same as in part a, except that 1180 hours of labor are available. Is it possible to use all resources…
The nutrition club serves a luncheon consisting of two dishes: A and B. Assume each unit of dish A has 4grams of fat, 4grams of carbohydrates and 16grams of protein, whereas each unit of dish B has 8grams of fat, 4grams of carbohydrates and 24grams of protein. If the nutritionist planning the luncheon want to provide no more than 40grams of fat, no more than 28grams of carbohydrates, how many units of dish A and dish B should be served to maximize the amount of protein? solve using the graphical method.
A flower store stocks three kinds of flowers: lillies, roses, and carnations. The lilies cost 0.4 dollars to grow and sell for 2.4 dollars. The roses cost 0.2 dollars to grow and sell for 6.2 dollars. The carnations cost 0.6 dollars to grow and sell for 7.6 dollars. After conducting studies of customer demand, the store has determined they should stock 3 times as many roses as carnations. If they have a budget of 526.8 dollars for growing flowers, and they need to take in 8651.8 dollars of revenue, how many lilies, roses, and carnations should they grow? Lillies: Roses: Carnations:

Recommended textbooks for you

Linear Algebra: A Modern Introduction

Algebra

ISBN:

9781285463247

Author:

David Poole

Publisher:

Cengage Learning

College Algebra (MindTap Course List)

Algebra

ISBN:

9781305652231

Author:

R. David Gustafson, Jeff Hughes

Publisher:

Cengage Learning

Algebra for College Students

Algebra

ISBN:

9781285195780

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Linear Algebra: A Modern Introduction

Algebra

ISBN:

9781285463247

Author:

David Poole

Publisher:

Cengage Learning

College Algebra (MindTap Course List)

Algebra

ISBN:

9781305652231

Author:

R. David Gustafson, Jeff Hughes

Publisher:

Cengage Learning

Algebra for College Students

Algebra

ISBN:

9781285195780

Author:

Jerome E. Kaufmann, Karen L. Schwitters

Publisher:

Cengage Learning

Elementary Linear Algebra (MindTap Course List)

Algebra

ISBN:

9781305658004

Author:

Ron Larson

Publisher:

Cengage Learning

College Algebra

Algebra

ISBN:

9781938168383

Author:

Jay Abramson

Publisher:

OpenStax

Algebra and Trigonometry (MindTap Course List)

Algebra

ISBN:

9781305071742

Author:

James Stewart, Lothar Redlin, Saleem Watson

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS