The equilibrium ndition for two substitute commodities are give 18Px-Py 100 30Py-2Px = 75 Find the equilibrium prices of the commodities using a) Matrix inversion b) Crammer's rule c) Substitution method

The equilibrium ndition for two substitute commodities are give 18Px-Py 100 30Py-2Px = 75 Find the equilibrium prices of the commodities using a) Matrix inversion b) Crammer's rule c) Substitution method

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The equilibrium condition for two substitute commodities are given as
=
18PxPy 100
30Py-2Px = 75
Find the equilibrium prices of the commodities using
a) Matrix inversion
b) Crammer's rule
c) Substitution method

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