Evaluate $2 \times 2$ Determinant $$\left| \begin{array} { l l } 3 & 2 \\1 & 7\end{array} \right|$$

question 173

Short Answer

Evaluate $2 \times 2$ determinant. $$\left| \begin{array} { l l } 3 & 2 \\1 & 7\end{array} \right|$$ Please enter your answer as a number.

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Definitions:

Long-Run Equilibrium

A state in economics where all factors of production and outputs are variable, allowing for the adjustment to changes in demand, supply, and prices, resulting in a situation where firms earn normal profit.

Increasing Cost Industry

An industry in which costs of production increase as firms enter the market, often due to limited resources or factors of production becoming more expensive.

Long-Run Supply Curve

A graphical representation that shows how the quantity supplied reacts to price changes in the long-term, accounting for all factors of production adjustments.

Increasing Cost Industry

An industry in which the costs of production increase as the industry's output expands, typically due to resource limitations.