ECN 230 Lecture : ECN 230 Lecture Notes- Lecture 1.docx

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ochrewallaby186

7 May 2014

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A system that involves several equations, where these equations are linear: math asks us to use matrix to solve when we have a large system of linear equasions. Notation: n -> # of unknowns (number of columns) m -> # of equations (number of rows) i -> coefficients j -> variables constants. A general system of m equations in n variables. [ a11+x11+a12+ x12 +a1n+x1n am1+xm1+am2+xm2 +amn+xmn=bn] a21+x21+a22+ x22 +a2n+x2n. If we can find solutions that satisfy the system then the system is consistent if not it is inconsistent. Is the element in the ith row and the jth column in the matrix a=(aij)m n if the square we can just use a=(aij)m. A square matrix: am1 a11 a12 a1n a21. If m = 1 then you have a row vector matrix : a = If we have two matrixes a & b a=(aij)m nb=(bij)m n.

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The solution isn't really clear to me. Can someone show me how to work on this problem, please?!

Assume that in Babilonia no one is born or dies, but just spend their life either out of the labor force, or in the labor force and unemployed, or employed. Assume crucially that these percentages are unchanged, year after year. Every year 1% of those out of the labor force enter the labor force and 3.5% of those unemployed leave the labor force. Assume also that every year 24% of the unemployed find jobs, while 3% of those employed lose jobs, and become unemployed.

1. What are the steady-state percentages of Babilonia residents out of the labor force, in the labor force and unemployed, and employed.

Hint: The flows into and out of the pool of people out of the labor force must balance and
the flow of people in and out of the pool of employed must balance. And, of course, all the percentages must add up to 100%. Now, set up three equations and three unknowns and solve.

2. Make sure you show all your calculations. Solution:

Let x = fraction not participating, y = fraction in labor force and unemployed, z = fraction employed.

Then from the given information, we have three equations: x+y+z =100% & 3.5y =1x & 24y = 3z.

Solving, yields x=28%, y = 8%, and z= 64%.

erinlocust785

Supply and demand in a hypothetical market are given by the following equations:

Qs=-40+2P and Qd=200-P where P is the price in dollars.

Use these equations to find numeric answers for the six items below:

1. Equilibrium price

2. Equilibrium quantity

3. The minimum price that would have to prevail in order for any units to be supplied

4. The maximum price that anyone would pay for this good

5. The amount of a surplus that would arise at a price of $100

6. The amount of a shortage that would arise at a price of $50

lavenderbear155

When referring to economic indicators we are referring to various forms of measurements that give us an indication of where GDP is headed. GDP (Gross Domestic Product) is the number one measure of economic growth.

The equation for GDP = C + I + G + (X-M), each of these variables have a set of economic indicators that will give us an indication of its direction.

Explain in one to two paragraphs why C (consumption) is the largest contributor to GDP?

ECN 230 Lecture : ECN 230 Lecture Notes- Lecture 1.docx

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