Question

Question 4: [25 Marks] Solve the Questions 4a to 4c using the Matrix Algebra (By the Inverse method or Cramer's Rule) (a) Supply and demand models analysis can also involve more than two markets. Find Given the demand finction P+20+6040 And the supply funcon the equilibrium prices (P, P2,Pa) and quantities (Q, O, Qa) for the three substitute goods below [10 Marks] Use the substuion method sove P in terms of Q and use the quadraic fom (b) Given a model of the following set of simultaneous equations for two related markets beef (B) and pork (P), find the equlbrium condtions to each market. Noting thatt Equilbrium requires Qs-Qs and so in the beef market Qnd in the pork market Qp Qp the eation Or and Q gthubin SMarks 5 Marks] (c) In the following model find the equilibrium price and quantity for two complementary goods, slacks (S) and jackets (J) Noting that equilibrium requires Qs the slacks market Qs Qss and in the jackets market Q Q Q, and so in [5 Marks]

Answer 1

l4 a) 5 3 , 2-71-209-3G-13 2160キロ 1-24 2-71-587 1T5ナ98-go 2 , -24 -7 l = 1245十ilib +107-2498 R~ 스2 2488 622 160 80 2 b-3) 5 3 372+26) +1(-120+13) +31 (fo+3) 2. -241-167 8-107ナ403-1374.. 137 48 1 bo 3 80 2 28.6 4bl ng = 30+ 20h-@g+4B=30+20(빎)-6惱)t4(637) -guas

-12大64 CYainer's Rules- 4-72 174X-72-(-2)x(-196) -12S28よ392 196 72 可584 byワ 136 174. Blox-196-4x1 196 7752 3- t2 fey-6(5)+(3)-lu-3046-19o ) 2B+lofg.= 830 → e+ 5g-4/s.._:@ 1 5 -826-10 (40)-(S)-120 A235 41S

4d) . Demand-function, 2Przqt6G-40=0-0 -aqa. 6@t4Dm&q午209-10 20 204) 8 니