Find the Inverse of the Matrix, If It Exists $\left[ \begin{array} { r r } \frac { 1 } { 2 } & 4 \\8 & - 1\end{array} \right]$

question 106

Essay

Find the inverse of the matrix, if it exists. $\left[ \begin{array} { r r } \frac { 1 } { 2 } & 4 \\8 & - 1\end{array} \right]$

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Definitions:

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive.

Autarky

A financial strategy or condition where a nation is independent and refrains from participating in global commerce.

Free Trade

Trade that is unregulated by government tariffs or other artificial barriers; the levels of exports and imports occur naturally, as a result of supply and demand.

Consumer Surplus

The variance between the amount consumers are ready to pay for a good or service compared to the actual price they pay.