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2. The demand and supply functions of a two-commodity market model are as follows: 01 : s1 01 : 1a 3P1 + 0.5132 31 =
2. The demand and supply functions of a two-commodity market model are as follows: 01 : s1 01 : 1a 3P1 + 0.5132 31 = 2 + 4.er1 D2 : 32 D2 = 12 + P1 2.5a2 $2 = 2 + 3. SP2 Find P; and Q; (i = 1,2) using Matrix Inversion and Cramer's Rule; verify your answers using Excel. Use decimals (2decimal places) for your nal answer. 3. Derive the Solow Growth model using partial derivatives. Test ll. Problem Solving (40 points) Provide the complete solution. 1. Given the following system of linear equations, do the following: 0.5x+yz=2 xy+0.22:3 0.3x+0.3y+0.4z=5 a. Show the equations in matrix format b. Check if the system has a unique solution or not by Matnx Inversion and by Cramer's Rule
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