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QUESTION ONE
Demand and supply functions in a two commodity markets Are given as;Qd1 =20-8PI+P2Qs1 =-7+3P1Qd2 =19+2P1-4P2Qs2 =-11+2P2 Find;i) P1ii) P2iii) Q1iv) Q2
QUESTION TWOA closed economy is described by the following functions;C=10 +0.8YdI =12G =25T =5Calculate the equilibrium income
QUESTION THREEa) Assume a firm's AR function is given by AR =4.5Q +3Q2 +1While AC function is given byWhile AC function is given as;AC = 2.8Q+ 3Q2-4Find the functions for;i) TR ii) TC iii) MR iv) MC v) profit function Σb) Find the roots of the profit function, Σ =-Q2-15Q -50
QUESTION FOURa) Determine the critical values for the following function and find out whether the critical value constitute a maximum or a minimumY = X3 - 12X2 +36X+8b) 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 FIVELet A = [1, 2, 3] B = [3, 4, 5]C = [2, 5, 7]use the above values to find the operations on sets below;i) A∪(B∪C) and A∩(B∩C)ii) A∩B and A∪Biii) A∪(B∩C), A∩(B∪C) and (A∪B) ∩(A∪C)
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