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The demand equation for a good is q(2p + 3) = 8 and the supply equation is
q 2p + 4 = 0 where p is the price and q is the quantity. Sketch the supply and demand
functions for p 0. Determine the equilibrium price and quantity.
2.
A firm has fixed costs of 20 and its marginal revenue and marginal cost functions are
given, respectively, by
MR = 12 q, MC = q2 3q + 4;
where q is the level of production. Find an expression, in terms of q, for the firm's
profit. Find also the value of q which maximises the profit (and show that this value of
q does indeed maximise profit).
3.
A
+ B + Cx,
x
for some numbers A, B, C. If f(1) = 12, f(2) = 3 and f(3) = 4, show that
A + B + C = 12, A + 2B + 4C = 6, A + 3B + 9C = 12:
Express this system of equations in matrix form. Solve it, using a matrix method, to
determine A, B and C.
4.
has one critical (or stationary) point and that the point is a local minimum.
x 2 dx
5.
6.
Use the Lagrange multiplier method to find the values of x and y that minimise the
function
7.
Jim has opened an account with a bank, and they pay a fixed interest rate of 4% per
annum, with the interest paid once a year, at the end of the year. He opened the account
with a payment of $200 on 1 January 2008, and will be making additional deposits of
$100 yearly, on the 1st of January each year from 1 January 2009 onwards. What will
the amount in the account be immediately after he has made N of these additional
deposits? (Your answer will be an expression involving N, and you should simplify it
as much as possible.)
Page 1 of 17
Show that its critical (or stationary) points satisfy the equation
(ln x)2 + 2ln x 1 = 0.
By solving the quadratic equation w2 + 2w 1 = 0, or otherwise, find the critical points.
Determine the nature of each critical point.
8. (b) A firm is the only producer of two goods, X and Y. The demand quantities x and y for X
and Y (respectively) and the corresponding prices pX and pY are related as follows:
pX + pY + 13 6x = 0, pX 4pY + 26 6y = 0.
The firms joint total cost function (that is, the cost of producing x of X and y of Y) is
2x + y. Find an expression in terms of x and y for the profit function. Determine the
quantities x and y that maximise the profit.
and determine, for each, whether it is a local maximum, a local minimum, or a saddle
point.
x e
3
x2 dx
(c) By simplifying the expression on the right-hand side of the equation, or otherwise,
show that
x 1
1
1
2
=
+
.
2
x( x + 1)
x +1 x
( x + 1) 2
Hence find
x 1
dx
x( x + 1) 2
Page 2 of 17
2 f
2 f
f
y
+
= 0.
2
2
x
y
y
11. (a) Suppose that 0 < a < 1 and that x = x* and y = y* maximise the function
(xa + ya)1/a
subject to the constraint px + qy = M. By using the Lagrange multiplier method, show
that
q
y* =
p
1 /( a 1)
x*.
x* =
Mq
Mp
, y* =
p( p + q)
q( p + q)
END OF PAPER
Page 3 of 17
qS(p) = qD(p)
At equilibrium,
2p 4 =
8
2p+3
(2p + 3)(2p 4) = 8
4p2 2p 20 = 0
2p2 p 10 = 0
(p + 2)(2p 5) = 0
p* = 2.5 (since p 0)
q* = 5 4 = 1
Hence, the equilibrium price and quantity are p* = 2.5 and q* = 1
8/3
Supply
1
Demand
0
2 2.5
***************************************************************
Page 4 of 17
2.
TC =
MC = (q
3q + 4) dq =
q3
3 2
q + 4q + K
TC = 20 when q = 0 20 = 0 + K K = 20 TC =
q3
TR =
MR = (12 q) dq = 12q
3 2
q + 4q + 20
1 2
q +C
TR = 0 when q = 0 0 = 0 + C C = 0 TR = 12q
1 2
= TR TC = 12q
1
1 2
3 2
q ( q3
= q3 + q2 + 8q 20
q + 4q + 20) = q3 + q2 + 8q 20
(profit)
= q2 + 2 q + 8
= 0 q2 2q 8 = 0 (q 4)(q + 2) = 0 q = 4, as q 0
= 2q + 2
(4) = 6 < 0
So, the profit is maximised when q = 4
***************************************************************
Page 5 of 17
f(1) = 12 A + B + C = 12
f(2) = 3
A + B + 2C = 3 A + 2B + 4C = 6
f(3) = 4
A + B + 3C = 4 A + 3B + 9C = 12
1 1 1 A 12
1 2 4 B = 6
1 3 9 C 12
In matrix form, Mx = b
Method 1:
[Mb] =
12
R2 R1
9 12
R3 R1
12
R1 R2
8 24
R3 2R2
2 18
R1 + R3
2 12
0 12
1 6
6
R3 2
R2 3R3
Hence, A = 6, B = 12, C = 6
Page 6 of 17
2 4
M =
= 1
1
3 9
2
, expanding 1st row
+1
1
= (18 12) (9 4) + (3 2)
=65+1
=2
12 1
1
2 4
M1 =
6 2
12 3
= 12
1
3 9
+1
12 9
12 3
12
6
M2 =
=1
12
12 9
6
, expanding 1st row
+1
1
1 12
1 12 9
= (54 + 48) 12(9 4) + (12 6)
= 102 60 18
= 24
1
12
2
M3 =
3 12
6 =1
1
3 12
2
, expanding 1st row
+ 12
1 12
M1
M2
M3
12
24
12
=
= 6, B =
=
= 12, C =
=
= 6
M
2
M
2
M
2
Hence, A = 6, B = 12, C = 6
*************************************************************
Page 7 of 17
f = x2 xy + y2 3x + 3
f
f
= 2x y 3,
= x + 2y
x
y
f
= 0 2x y 3 = 0 (1)
x
f
= 0 x + 2y = 0 (2)
y
(1) + 2(2): 3y 3 = 0 3y = 3 y = 1
Put y = 1 into (2): x = 2
Critical points occur when
f
f
= 0 and
=0
x
y
2 f
2 f
2 f
=
2,
=
2,
= 1
x 2
y 2
xy
(x, y)
2 f
x 2
2 f
y 2
2 f
xy
(2, 1)
2 f 2 f 2 f
H = 2 2
x y xy
41=3
2 f
> 0 and H > 0.
x 2
******************************************************************
5.
du
= 1 du = dx
dx
Let u = x 2
Also, x = u + 2
x 2 dx
= (u 5 / 2 + 4u 3 / 2 + 4u1/ 2 )du
=
2 7/2
2
7
u5/2 +
(x 2)7/2 +
u3/2 + C
3
8
5
(x 2)5/2 +
(x 2)3/2 + C
***************************************************************
Page 8 of 17
Lagrangean: L =
x 2 + 2 y 2 (x + y 2) = (x2 + 2y2)1/2 (x + y 2)
L
=0
x
L
=0
y
2
1
L
= 0 x + y = 2 (3)
and f( ,
)=
24
3
and y =
2
3
*************************************************************
7.
Year
2008
2009
2010
2011
100[1 (1.04) N ]
1 1.04
geometric series, Sn =
a (1 r n )
1 r
Page 9 of 17
1
] = 1 (ln x)2 2(ln x)
x
f (x) = 0 w = 1
f (x) = 2(ln x)
2 ln x = 1
2 x = e 1
2 8
2 2 2
=
2
2
2
or x = e 1 +
1
2
2
=
(1 + ln x)
x
x
x
f ( e 1
) = 2 e1 +
( 2 ) = 2 2 e1 +
f ( e 1 +
) = 2 e1
( 2)<0
>0
where y = e 1
where y = e 1 +
e 1
e 1 +
(1
2
(1 +
*************************************************************
Page 10 of 17
2 )2
2 )2
pX 4pY + 26 6y = 0 (2)
(1) + (2): 3pY + 39 6x 6y = 0
pY = 13 2x 2y .. (3)
Put (3) into (2): pX 4(13 2x 2y) + 26 6y = 0
pX 52 + 8x + 8y + 26 6y = 0
pX = 26 8x 2y (4)
= TR TC
= pXx + pYy TC
= (26 8x 2y)x + (13 2x 2y)y (2x + y)
= 26x 8x2 2xy + 13y 2xy 2y2 2x y
= 0 and
=0
x
y
= 0 24 16x 4y = 0 4x + y = 6 .. (5)
x
= 0 12 4y 4x = 0 x + y = 3 .. (6)
y
(5) (6): 3x = 3 x = 1
From (6), 1 + y = 3 y = 2
Hence, there is one critical point, at (x, y) = (1, 2)
2
2
2
2
=
16,
=
4,
=
4
< 0 (7)
x 2
x 2
y 2
xy
2
2 2 2
2 2
= (16)(4) (4)2 = 48 > 0 .. (8)
x y xy
Hence, from (7) and (8), is maximised when x = 1 and y = 2
***************************************************************
Page 11 of 17
f
= 3x 2 4y
x
f
= 4x + 4y
y
f
= 0 3x2 4y = 0 (1)
x
f
= 0 4x + 4y = 0 .. (2)
y
(1) + (2): 3x2 4x = 0 x(3x 4) = 0 x = 0 or x =
4
3
Put x =
into (2): y =
4
3
f
f
= 0 and
=0
x
y
4
).
2 f
2 f
2 f
= 6x ,
= 4,
= 4
x 2
y 2
xy
2 f
H = 2
x
2 f
2
y
(x, y)
2 f
x 2
2 f
y 2
2 f
xy
(0, 0)
16
16
( ,
2 f
xy
( ,
2 f
> 0 and H > 0
x 2
***************************************************************
Page 12 of 17
du
= 2x xdx =
dx
Let u = x2
x e
x2 dx =
x e
2
g (u) = eu
f (u) = 1
g(u) = eu
x2 dx =
ue du
2
u
du
ue du
2
x 2 xdx =
Let f(u) = u
x e
ueu
fg =
fg f g
1 u
1 2
fg =
fg f g
e du =
2
u
ueu
e +C=
(Parts)
x ex
2
ex + C
2
Method 2:
Let f = x2
g = xe x
f = 2x
g=
ex
(Parts)
x e
3
x2 dx =
1 2
x ex
2
xe
x 2 dx =
1 2
x ex
2
ex + C
2
******************************************************************
9. (c)
1
1
2
x( x + 1) ( x + 1) 2 + 2 x
x2 + x x2 2x 1 + 2x
+
=
=
x +1 x
( x + 1) 2
x( x + 1) 2
x( x + 1) 2
x 1
=
x( x + 1) 2
1
1
2
x 1
+
So,
dx =
dx
2
x( x + 1)
x + 1 x ( x + 1) 2
=
1
1
+ 2( x + 1) 2 dx
x +1 x
2
+C
x +1
******************************************************************
Page 13 of 17
40 x + y + 2z = x + 2y + 7z 20
2x + y + 5z = 60
20 + x y + z = 3x + 2y 120
2x + 3y z = 140
250 + x + y z = x + 2y 30
2 1 5 x 60
2 3 1 y = 140
0 1 1 z 280
In matrix form, Ax = b
Method 1:
[Ab] =
5 60
R1 R3
1 140
R2 R1
1 280
4 220
6 80
1 280
2 110
4 240
R3 4
2 110
R1 2R3
40
60
0 230
220
60
y + z = 280
R1 2
R2 2
R3 (1/2)R2
40
R2 + 3R3
Page 14 of 17
1 = 1
A =
1
, expanding 3rd row
+
2 1
= (2 10) + (6 2)
= 12 + 4
= 16
60
5
1
A1 = 140 3
1 = 280
60
60
3 1
280 1
1
, expanding 3rd row
+
140 1
140 3
1
= 280(1 15) (60 700) + (180 140)
= 4480 + 760 + 40
= 3680
60
5
2
A2 =
2 140 1 = 280
2
0 280
60
, expanding 3rd row
+
1
140
1
= 280(2 10) + (280 120)
= 3360 + 160
= 3520
1 60
2
A3 =
3 140 =
1 280
60
1
, expanding 3rd row
+ 280
2
140
x=
A1
A
A
3680
3520
960
=
= 230, y = 2 =
= 220, z = 3 =
= 60
A
16
A
16
A
16
Page 15 of 17
f
f
= ncos(nx) cos(y2) and
= 2ysin(nx) sin(y2)
x
y
2 f
= n2sin(nx) cos(y2)
x 2
2 f
= 2sin(nx)[sin(y2) + 2y2cos(y2)]
2
y
y3
2 f
f
2 f
y
+
=0
2
2
x
y
y
L
=0
x
L
=0
y
1 a
(x + ya)1/a 1x a 1 = (1)
p
1 a
(x + ya)1/a 1y a 1 = . (2)
q
a
1
a
L
= 0 px + qy = M .. (3)
1
1
x, y > 0 from (1) and (2). (1) and (2) (xa + ya)1/a 1x a 1 = (xa + ya)1/a 1y a 1
p
q
1
ya 1
q
y q a 1
a 1 =
=
y* =
x
x
p
p
p
q
1/(1 a )
x*
p
Suppose now that a = 1/2. Then, y = x . (4)
q
2
p
p( p + q)
Mq
Put (4) into (3): px +
x=M
x = M x* =
q
q
p( p + q)
p2
Mq
Mp
=
2
p( p + q)
q( p + q)
q
******************************************************************
From (4), y* =
Page 16 of 17
2nd term = 7, so a + d = 7
7th term = 9 1st term, so a + 6d = 9a, so 6d = 8a, so 3d = 4a
a + d = 7 .. (1)
4a 3d = 0 .. (2)
3 (1): 3a + 3d = 21 (3)
(2) + (3): 7a = 21 a = 3
From (1), d = 7 a = 7 3 = 4
Hence, the first term is 3 and the common difference is 4.
******************************************************************
Page 17 of 17