6 Questions
What is the magnitude of the vector P?
$500$ units
What is the market demand equation for the cartel?
P = 60 - 2(y₁ + y₂)
If the profit maximization condition for the cartel is MR = MC₁ = MC₂, what are the marginal cost functions for the two firms?
MC₁ = y₁², MC₂ = 4y₂
If the price of good X is $4, the price of good Y is $2, and the consumer's income is $200, what is the budget constraint equation?
4x + 2y ≤ 200
If the consumer's utility function is given as u = 5x⁴y², what is the marginal rate of substitution of Y for X (MRS_x,y)?
4x³y²/5x⁴y
Given C = 2000, G = 500, T = 400, NX = 200, and Yd = 0.25GDP, what is the value of GDP?
GDP = 8000
Test your understanding of vector operations by writing vectors in terms of i and j, finding the resultant of vectors, determining vector magnitudes and unit vectors, and calculating angles between vectors using cross product. This quiz is designed to assess your skills in vector mathematics.
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