Answer to Question #210620 in Economics for Ardo

Question

A market authority charges fees for parking according to the following schedule; N5 for bicycles; N10 for motor cycles and N20 for cars. For three days, the records show the following parked:

Bicycles Motor cycles Cars

Monday   150   180 500

Tuesday   90   105 400

Wednesday   102   130 450

Required: Arrange this information in matrix form and calculate the collections made for bicycles, motorcycles and cars, hence the total revenue collected for three days.

Answer 1

$\begin{pmatrix} 5 & 10 &20 \end{pmatrix} \times \begin{pmatrix} 150 & 90 & 102 \\ 180 & 105 &130\\ 500 & 400 & 450 \end{pmatrix}=\begin{pmatrix} 12550 & 9500 & 10800 \end{pmatrix}$

$$12550+9500+10800=32850$$