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06 Examples6and7

The document presents examples of solving for equilibrium prices in a two-commodity market model using methods such as finding the RREF of an augmented matrix and the inverse of the coefficient matrix. It provides specific equilibrium prices of P1 = 26 and P2 = 46. Additionally, it poses a question regarding the rank and singularity of a given matrix.

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Mostafa Allam
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15 views1 page

06 Examples6and7

The document presents examples of solving for equilibrium prices in a two-commodity market model using methods such as finding the RREF of an augmented matrix and the inverse of the coefficient matrix. It provides specific equilibrium prices of P1 = 26 and P2 = 46. Additionally, it poses a question regarding the rank and singularity of a given matrix.

Uploaded by

Mostafa Allam
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Example �.

Solve for the equilibrium prices of this two-commodity market equilibrium model by �nding the
RREF of the augmented matrix of the above system.

YID
!I
atsmf
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,

÷If YD ! ]
the
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→

,
,

Solution : P = 26 Pz = 46
, ,

Example �. Solve for the equilibrium prices of this two-commodity market equilibrium model by �nding the
inverse of the coe�cient matrix of the above system.

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's
? motto
I! ]
°

to
if smarty , , ,

*±l :3 :nt%f¥foTH
%:
"
?E÷xe¥EE¥±

Matrix form of system :

If

K :# H* #i¥HFNkHi%±*H :D
' solution :
lit HYIIFIHYITKD
� If we have time...
�� � � ��
� �
� �
Example � (Also a homework problem). What is the rank of �� � � � �? Is this matrix nonsingular?
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�� � � ��
� �

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