Solve Each Problem $\left[ \begin{array} { l } 700 \\ 555 \\ 1020 \end{array} \right]$

question 364

Multiple Choice

Solve each problem.
-Mommaʹs ice cream shop sells three types of ice cream: soft-serve, chunky, and nonfat. Location I sells 32 gal of soft-serve, 80 gal of chunky, and 30 gal of nonfat ice cream each day. Location II
Sells 11 gal of soft-serve and Location III sells 60 gal of soft-serve each day. Daily sales of chunky
Ice cream are 90 gal at Location II and 120 gal at Location III. At Location II, 30 gal of nonfat are
Sold each day, and 40 gal of nonfat are sold each day at Location III.
Write a 3 × 3 matrix that shows the sales figures for the three locations, with the rows representing
The three locations. The incomes per gallon for soft-serve, chunky, and nonfat ice cream are $5, $4,
And $6, respectively. Write a 3 × 1 matrix displaying the incomes. Find a matrix product that gives
The daily income at each of the three locations.

• A)
• \(\left[ \begin{array} { l } 700 \\ 555 \\ 1020 \end{array} \right]\)
• B)
• \(\left[ \begin{array} { l } 515 \\ 1160 \\ 600 \end{array} \right]\)
• C)
• \(\left[ \begin{array} { l } 5 \\ 4 \\ 6 \end{array} \right]\)
• D)
• \(\left[ \begin{array} { l } 660 \\ 595 \\ 1020 \end{array} \right]\)

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Definitions:

Government Intervention

Actions taken by a government to affect the economy, which can include regulations, subsidies, tariffs, and other forms of involvement.

Market Efficiency

A condition in which all available information is fully reflected in asset prices, making it impossible to consistently achieve higher returns than the overall market.

Equilibrium Price

The price in the market where the amount of products offered matches the amount of products desired.

Socially Optimal

A condition or outcome that is most efficient and beneficial for society as a whole, often considered in economic policies and strategies.