Find the Inverse, If It Exists, for the Matrix $$\left[\begin{array}{rr}8 & 2 \\-7 & 1\end{array}\right]$$

question 5

Multiple Choice

Find the inverse, if it exists, for the matrix.
- $$\left[\begin{array}{rr}8 & 2 \\-7 & 1\end{array}\right]$$

• A) \( \left[\begin{array}{rr}1 & -2 \\ 7 & 8\end{array}\right] \)
• D) No inverse

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Definitions:

Demand Schedule

A table that shows the relationship between the price of a good and the quantity demanded at each price level.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers.

Monopolistically Competitive

Pertaining to a market scenario where firms engage in monopolistic competition, each firm has some control over its price because its product is different from those of its competitors.

Elasticity

A measure of the sensitivity of one variable to changes in another, commonly used to assess changes in demand or supply in response to changes in prices or income.