Solve the System of Equations $\left\{ \begin{array} { r } 3 x + 2 y = 8 \\x - 2 y = 0\end{array} \right.$

question 65

Essay

Solve the system of equations $\left\{ \begin{array} { r } 3 x + 2 y = 8 \\x - 2 y = 0\end{array} \right.$
by converting to a matrix equation and using its inverse coefficient matrix $\left[ \begin{array} { c c } \frac { 1 } { 4 } & \frac { 1 } { 4 } \\\frac { 1 } { 3 } & - \frac { 3 } { 3 }\end{array} \right]$ .

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Definitions:

Perfect Competition

A market structure characterized by a large number of small firms, homogenous products, free entry and exit, and perfect information, leading to firms being price takers.

Marginal Cost

The expense incurred from manufacturing an additional unit of a product.

Marginal Revenue

The increment in revenue resulting from the sale of an additional unit of output in a market.

Marginal Cost

The budget allocation for the production of an additional unit of a product or service.