Question
Q4. A firm produces three goods (G1, G2, G3) and sells them in a perfectly competitive market. Table 1 shows the number of units (in
Q4. A firm produces three goods (G1, G2, G3) and sells them in a perfectly competitive market. Table 1 shows the number of units (in thousands) sold of each good along with the total revenue (in 1,000$) the firm raised by these sales in each calendar month of 2019. Find the equilibrium prices of these goods using matrices. Table 1: Sales and revenue by calendar month Nb. units sold Total Month G1 G2 G3 revenue January 5 un 46 February 6 42 March 7 3 46 April 3 5 40 May 6 7 6 63 June 5 July August September WNAOUA October 37 November 43 December 40
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started