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# fn043 - ECON 331 Mathematical Economics T Heaps Fall 2004...

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ECON 331 Mathematical Economics T. Heaps Fall, 2004 FINAL Dec. 14, 2004 8:30 - 11:30 Do no more than ten of the following eleven questions. The questions are equally weighted. Show all your work since partial credit will be given. Write legibly. You may refer to your text or your notes. Questions: 1. Compute the price elasticity for the demand function y f p 10 p 3 p 1 .Is this demand function elastic for all p , inelastic for all p , or neither of these? 2. Let A , B , C , X and Y be square n n matrices with | A | 0 , which satisfy the two equations i AX Y B ii X 2 A 1 Y C Solve these equations for X and Y , expressed in terms of A , B and C . 3. For what values of a does the following system of equations have a unique solution, no solution or an infinite number of solutions? ax y 4 z 2 2 x y a 2 z 2 x 3 z a 4. Consider the quadratic form q x 1 , x 2 , x 3 2 ax 1 2 2 x 1 x 3 2 ax 1 x 2 x 2 2 x 3 2 Find a value of

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fn043 - ECON 331 Mathematical Economics T Heaps Fall 2004...

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