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Review Dec 2018

This document provides a review assignment for an economics class, including 6 questions covering various economics and calculus concepts. Question 1 involves evaluating limits of functions. Question 2 covers taking derivatives of functions. Question 3 involves matrix algebra, including finding sums, products, and inverses of matrices, as well as solving systems of equations using matrices. Question 4 provides revenue and cost functions for a firm and asks students to find profit maximizing output level. Question 5 covers evaluating definite integrals of various functions. Question 6 gives a marginal profit function and asks students to derive the total profit function and find profit maximizing output level.

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46 views3 pages

Review Dec 2018

This document provides a review assignment for an economics class, including 6 questions covering various economics and calculus concepts. Question 1 involves evaluating limits of functions. Question 2 covers taking derivatives of functions. Question 3 involves matrix algebra, including finding sums, products, and inverses of matrices, as well as solving systems of equations using matrices. Question 4 provides revenue and cost functions for a firm and asks students to find profit maximizing output level. Question 5 covers evaluating definite integrals of various functions. Question 6 gives a marginal profit function and asks students to derive the total profit function and find profit maximizing output level.

Uploaded by

AP
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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UNIVERSITY OF THE WEST INDIES

CAVE HILL CAMPUS

FACULTY OF SOCIAL SCIENCES


DEPARTMENT OF ECONOMICS

ECON 1003 – MATHS FOR SOCIAL SCIENCES I


REVIEW ASSIGNMENT DECMBER 2018

1.a) Evaluate the limits

𝑥 2 −1 1+𝑥
(i) lim (ii) lim
𝑥→3 𝑥+1 𝑥→−1 1−𝑥 2

2𝑥 3 −𝑥 5
(iii) lim
𝑥→∞ 𝑥 2 +2𝑥 5

2𝑥 − 3 𝑥 < −1
(b) Given 𝑓(𝑥) = {−7 −1≤𝑥 <4
−𝑥 − 3 𝑥≥4

Evaluate (i) lim − 𝑓(𝑥) (ii) lim + 𝑓(𝑥)


𝑥 → −1 𝑥 →−1
(iii) lim 𝑓(𝑥) (iv) lim− 𝑓(𝑥)
𝑥→−1 𝑥 →4
(v) lim+ 𝑓(𝑥) (vi) lim 𝑓(𝑥)
𝑥→4 𝑥 →4

(vii) Discuss the continuity of 𝑓(𝑥) at x  1 and x = 4.

2. (a) Find the first derivative of the following.

4
(i) f ( x)  2 x 3  x 1   3x  2
x2
(ii) y  (2 x3  x 2 )e2 x
3x  2
(iii) y  2
x  4x
(iv) y  (3x 1  2 x  4)5

(b) Find and classify the stationary points if f ( x)  2 x3  4 x 2  5


3. a) Given the matrices

−1 2 0 1 0 −1 1
𝐴= ( ) B=( ) C= ( )
1 1 4 0 3 2 0

Evaluate the following where possible.

i) 2A+ C ii) 𝐴𝑇 𝐵 iii) A1

iv) Find the matrix E if CE = B.

b) Solve the system of equations using any matrix method.

𝑥+𝑦 =3
2𝑦 + 𝑧 = 1
2𝑥 + 𝑦 − 𝑧 = 6

4. A firm’s total revenue function (in thousands of $) is given by R( x)  44 x  2 x 2 where x


represent the level of demand for its product.

i) Find the marginal revenue function when the level of demand x = 8.

The firm’s total cost function is given by f ( x)  0.5 x 2  19 x  100 .

ii) Find the firm’s profit function.

iii) Find the marginal profit and deduce the level of demand x that maximize profit.

iv) Show that the level is indeed a maximum.

5. a) Evaluate

i)  (2 x  3x 1  4)dx

2
ii)  (e x  2)dx
0

2x 1
iii)  dx
x  x3
2

iv)  xe x dx
6. The marginal profit function (in thousands of $) firm is given by

Marginal profit = 3x 2  8 x  5 where x in the level if demand for its products.

i) Find the total profit function.

ii) Find the constant of integration given that the total profit is 10 when x  2 .

iii) Find the value of x that maximizes total profit.

BEST OF LUCK IN EXAMINATION

E. Edwards

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