Macroeconomics
13th Edition
ISBN: 9781337617390
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 18, Problem 3WNG
To determine
Calculation of average tax rate.
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2.
a)
The Value of the Marginal Product of Labour in a local bakery is VMPL = 20 – 0.5L,
where "L" is the number of workers.
If workers' wages are $10 per hour, how many will the bakery hire?
b) What is the economic meaning of the value -0.5?
Question One
a) Calculate the determinant of matrix A. Show your work in steps:
A =
2013-2
-
-2 1 3 2 -1
1 0 1 2 3
3-12 4 -3
1 1 3 2 0
b) Prove row linear independence is necessary and sufficient to column linear
independence in the same matrix.
c) Derive the inverse matrix of matrix B. Show your work in steps:
[3 20 01
4
300
B =
0
0 6 5
LO
0 7 6]
Analyze replacing a commercial oven with $800 annual maintenance and a $3,000 salvage value with a new one for $15,000 and $300 annual maintenance. The company's MARR is 12% per year.
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