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Solved: The ________ of the entry of the square matrix is

College Algebra | 9th Edition | ISBN: 9781133963028 | Authors: Ron Larson ISBN: 9781133963028 204

Solution for problem 7.4.3 Chapter 7

College Algebra | 9th Edition

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College Algebra | 9th Edition | ISBN: 9781133963028 | Authors: Ron Larson

College Algebra | 9th Edition

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Problem 7.4.3

The ________ of the entry of the square matrix is given by Mij a A . Cij ij

Step-by-Step Solution:
Step 1 of 3

Macroeconomics March 14, 2016  Measuring the Macro-Economy - How is the economy doing - How do we know - National Income Accounting: looks at accounting data for entire economy - Most important measure of national income accounting is GDP - Gross domestic product: total market value of all final goods and services produced in the US in a calendar year  Gross Domestic Product - Market value means prices used for tally (add up prices) so, GDP totals up prices of stuff produced - 2015 NOMINAL GDP- - $18.1 Trillion - Nominal- current output GDP in current places, unadjusted for inflation increases the price level overtime - Unadjusted= Nominal know both terms - Nominal figures are problematic if idea is to measure real changes in stuff produced  Nominal vs. Real - Nominal GDP: current output in current places unadjusted for inflation increases in price level overtime - Real GDP: GDP that has been adjusted for price level changes, it reflects changes in output more clearly Dishes Price Nominal GDP Year 1 3 3 $9 Year 2 3 4 $12 - Didn’t produce more but increase in Nominal GDP - A price index is used to convert nominal to real GDP - Nominal GDP is put in base year prices Dishes Price Real GDP Year 1 3 3 $9 Year 2 3 4 $12 The first red arrow is the current output ; and the second arrow pointing down is the base year price showing the REAL GDP for YEAR 2 = $9… - WE ALWAYS WANT/PREFER REAL GDP  Understanding GDP - Final not intermediate = goods produced for further processing - Avoids Double Counting - GOAL IS MORE - How much should GDP grow each year  2%-5% (short-run fluctuations) per year - Long run trend for US GDP growth is 3% - So, what is a “bad” growth rate {other words for bad would be: sluggish, fatigue, anemic, etc…} 1-2%, but it is still positive - Recession- standard rule of thumb is 2 consecutive quarters of falling real GDP [6 months] Quarter every 3 months

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Chapter 7, Problem 7.4.3 is Solved
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Textbook: College Algebra
Edition: 9
Author: Ron Larson
ISBN: 9781133963028

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Solved: The ________ of the entry of the square matrix is