Reference no: EM132606720
QUESTION ONE
Demand and supply functions in a two commodity markets
Are given as;
Qd1 =20-8PI+P2
Qs1 =-7+3P1
Qd2 =19+2P1-4P2
Qs2 =-11+2P2
Find;
P1
P2
Q1
Q2
QUESTION TWO
A closed economy is described by the following functions;
C=10 +0.8Yd
I =12
G =25
T =5
Calculate the equilibrium income
QUESTION THREE
Assume a firm's AR function is given by
AR =4.5Q +3Q2 +1
While AC function is given by
While AC function is given as;
AC = 2.8Q+ 3Q2-4
Find the functions for;
TR
TC
MR
MC
profit function Σ
Find the roots of the profit function, Σ =-Q2-15Q -50
QUESTION FOUR
Determine the critical values for the following function and find out whether the critical value constitute a maximum or a minimum
Y = X3 - 12X2 +36X+8
Determine the critical values of x and y and find out whether these values are extreme values of minimum.
Y = 1/3 X3 +X2 - 35X +10
QUESTION FIVE
Let A = [1, 2, 3]
B = [3, 4, 5]
C = [2, 5, 7]
Use the above values to find the operations on sets below;
A∪(B∪C) and A∩(B∩C)
A∩B and A∪B
A∪(B∩C), A∩(B∪C) and (A∪B) ∩(A∪C)