Solve the problem.Suppose an economy consists of three sectors: Energy (E), Manufacturing (M), and Agriculture (A).Sector E sells 70% of its output to M and 30% to A.Sector M sells 30% of its output to E, 50% to A, and retains the rest.Sector A sells 15% of its output to E, 30% to M, and retains the rest.Denote the prices (dollar values) of the total annual outputs of the Energy, Manufacturing, and Agriculture sectors by Pe. Pm, and Parespectively. If possible, find equilibrium prices that make each sector's income match its expenditures.Find the general solution as a vector, with pa free.0.356 PalPm-0.686 PaPePaPePmPaPePm -PaPePmPaPa[0.465 Pa= 0.593 PaPa[0.308 Pa0.716 PaPa0.607 Pa0.481 PaPa

Answered: Image /qna-images/answer/a4f4cac7-2411-4a9e-8233-210323c41985.jpg

Answered: Suppose an economy consists of three…

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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Table: The Market for Chocolate-Covered Peanuts Price (per bag) Quantity Demanded (bags per month) Quantity Supplied (bags per month) $0.90 70 280 $0.80 105 245 $0.70 140 210 $0.60 175 175 $0.50 210 140 $0.40 245 105 $0.30 280 70 Reference: Ref 3-5 Table: The Market for Chocolate-Covered Peanuts (Table: The Market for Chocolate-Covered Peanuts) Use Table: The Market for Chocolate-Covered Peanuts. A shortage of 210 bags of chocolate-covered peanuts per month exists if the price is _____ per bag. Question 1 options: $0.60 $0.40 $0.30 $0.80
Consider the basic macroeconomic model: Y=C+I and C = a + by where Y is GDP, C is consumtion and I is total investment (treated as fixed). a, b are positive parameters. Solve the model for Y in terms of I and the parameters.
Consider the problem of an individual that has Y dollars to spend on consuming over two periods. Let c1 denote the amount of consumption that the individual would like to purchase in period 1 and c2 denote the amount of consumption that the individual would like to consume in period 2. The individual begins period 1 with Y dollars and can purchase c, units of the consumption good at a price P1 and can save any unspent wealth. Use s, to denote the amount of savings the individual chooses to hold at the end of period 1. Any wealth that is saved earns interest at rate r so that the amount of wealth the individual has at his/her disposal to purchase consumption goods in period 2 is (1+r)s1. This principal and interest on savings is used to finance period 2 consumption. Again, for simplicity, we can assume that it costs P, dollars to buy a unit of the consumption good in period 2.
Yaster Breakfast Supplies is planning to manufacture and market a new toaster. After conducting extensive market surveys, the research department provides the following estimates: • a weekly demand of 302 at a price of $14 per toaster • a weekly demand of 196 at a price of $17 per toaster The financial department estimates that weekly fixed costs will be $1,438 and variable costs (cost per unit) will be $5. Assume: • the relationship between price and demand is linear • the cost function in linear Use your models to predict the marginal profit when Yaster is producing and selling 265 toasters per week. Round to the nearest cent. $ per toaster
3. The chief economist for Argus Corporation, a large appliance manufacturer, estimated the firm's short-run cost function for vacuum cleaners using an average variable cost function of the form AVC = a + bQ + cQ² where AVC = dollars per vacuum cleaner and Q = number of vacuum cleaners pro- duced each month. Total fixed cost each month is $180,000. The following results were obtained: DEPENDENT VARIABLE: AVC R-SQUARE F-RATIO P-VALUE ON F OBSERVATIONS: 19 VARIABLE INTERCEPT Q Q2 Show Transcribed Text PARAMETER ESTIMATE 191.93 -0.0305 0.0000024 Ĵ 0.7360 STANDARD ERROR 54.65 39.428 T-RATIO 3.512 0.00789 23.866 0.00000098 2.449 0.0001 P-VALUE 0.0029 0.0014 0.0262 a. Are the estimates â, b, and ĉ statistically significant at the 2 percent level of significance? b. Do the results indicate that the average variable cost curve is U-shaped? How do you know? c. If Argus Corporation produces 8,000 vacuum cleaners per month, what is the estimated average variable cost? Marginal cost? Total…
If the market price of a product is above the equilibrium price, the quantity supplied is _____ the quantity demanded. equal to Market price and quantity supply are not related. greater than less than
2. Suppose an exclusive art club charges RM50,000 as an annual membership fee and there are a total of 150 members. Assume general income has increased by 4% and the income elasticity of demand for the art club membership is 5%. Due to this change, the overall total number of members has increased by 10. How much has the club's membership increased due to the change in income and due to network effects? Include a graph in your explanation and show the necessary calculations. Label the graph axis with the appropriate numerical values.
A local electricity company produces and distributes electricity to residential customers. The firm is a monopoly and it is regulated such that p = MC. The firm faces the following demand function: p = 800 – 2g and its total cost function is: C = 22500 + 200g + q². a) Find the deadweight loss that would result if this company was allowed to operate as a profit maximizing firm, compared to the situation under regulation. b) Calculate the Lerner index of Monopoly Power at the profit maximizing point.
3. Yunha's demand for pineapples is: Qy = 15 – 5P Sydney's demand for pineapples is: Qs = 20 – 2P where Qy is the quantity demanded by Yunha, Qs is the quantity demanded by Sydney, and P is the price. Suppose these are the only two consumers of pineapples in the market. a) Graph Yunha's and Sydney's demand for pineapples. b) |Derive the equations for the market demand for pineapples (Hint: There is a kink, so there are two equations!). c) TOn the same graph as part (a), graph the market demand "curve" for pineapples.
Suppose that the market for air travel between Chicago and Dallas is served by just two airlines, United and American. An economist has studied this market and has estimated that the demand curves for round-trip tickets for each airline are as follows: Qu = 10,000 - 100Pu + 99Pa (United's Demand); Qa = 10,000 - 100Pa + 99Pu (American's Demand) where Pu is the price charged by United, and Pa is the price charged by American. What is the market-level price elasticity of demand for air travel between Chicago and Dallas when both airlines charge a price of $300?
Yaster Breakfast Supplies is planning to manufacture and market a new toaster. After conducting extensive market surveys, the research department provides the following estimates: • a weekly demand of 318 at a price of $13 per toaster • a weekly demand of 201 at a price of $16 per toaster The financial department estimates that weekly fixed costs will be $1,399 and variable costs (cost per unit) will be $3. Assume: • the relationship between price and demand is linear • the cost function in linear Use your models to predict the marginal profit when Yaster is producing and selling 271 toasters per week. Round to the nearest cent. $ per toaster

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