One day, two soon-to-be economists were studying for their final exam. One of the topics was relating math to population dynamics.
Melissa relax! I can teach you! It's actually really simple.
Are you sure? Jackie, the test is in two days!
You're fine. Alright, let's take example 57.
Example 57: An entrepreneur was selling two of her designed products at a big event. She sold the first product for $78 and the second for $56, making a total of $6310. The total number of products sold was 95. Write and solve a system of equations using inverse matrices, and then determine how much money she would make from her 1st product if she went to 7 big events per year for 5 years and sold the same no. of products.
Okay, let's start with writing the equations if x represents product 1 and y represents product 2: 78x + 56y = 6310 (to find the no. of each) x + y = 95 (because the total products 1 & 2 was 95)
We're then going to write it in matrix form, and once we get the answers, we will find the total no. of events (7 x 5 = 35 events) and multiply that with the amount of the first product she sold!
Yesss! I know how to solve equations using inverse matrices! I'm going to solve it on Microsoft Word. I'll make you proud, Jackie!