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Find another set of equilibrium prices for the economy in Example $1 .$ Suppose the same economy used Japanese yen instead of dollars to measure the value of the various sectors' outputs. Would this change the problem in any way? Discuss.

The problem does not change if we consider other currency instead of US dollars.

Algebra

Chapter 1

Linear Equations in Linear Algebra

Section 6

Applications of Linear Systems

Introduction to Matrices

002 0.

May 20, 2021

suppose a company has two sectors; good s and services

Harvey Mudd College

University of Michigan - Ann Arbor

Idaho State University

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and this problem. Um so we're required to find another set of equilibrium prices for the economy in December 1. So from his number one, we found that the equilibrium prices as a vector ISS is there a point 94 and 0.81 and one with the skater, which is he has so price off the steel. And here's the price of the critic from Price. So we just the market as peak. So in order to find another set of incredible prices, so is still determined by P s. But you stayed up 100 as take P s as 200. So tech skater into the factor. So the equilibrium prize, uh, will be there a point. 94 times. 200 and 0.85 times. 200 and 200. So it turns out this factor is 1 88 and 1 70 and 200. So remember the first Ah, the first entry represents Thea Price off price up cool. So that is 188 Second entry is price off electric. So that is 1 70 and the last entry price off steel. So that's 200. So this is our This is another set off equipment prices. No. The other question needs that. Suppose the same economy used the Japanese yen and set up dollars to measure the value of the various sectors are hoops. So there's change the problem anyway, So in terms off, um, if we're considering only going the the numeric So Dad is, uh that will not change anything. We take 200. As the Japanese yen take back to the sector, the numbers will not change. But, um, instead upto vectors instead of the numbers. Uh, we need to consider exchange rate in this case because, you know, Japanese, Japanese yen and American dollars has a as, ah as an exchange rate, so the value is different, but the number is the same. So that's the point here.

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