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Math Econ Midterm Exam

This document outlines problems for a midterm exam in mathematical economics. It includes problems involving finding critical values and testing for concavity of functions, optimizing quadratic and cubic functions, finding marginal and average functions, finding marginal expenditure functions from supply functions, finding marginal revenue functions from demand functions, and maximizing output from a production function.

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Mark Alvin De Leon
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156 views1 page

Math Econ Midterm Exam

This document outlines problems for a midterm exam in mathematical economics. It includes problems involving finding critical values and testing for concavity of functions, optimizing quadratic and cubic functions, finding marginal and average functions, finding marginal expenditure functions from supply functions, finding marginal revenue functions from demand functions, and maximizing output from a production function.

Uploaded by

Mark Alvin De Leon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Midterm Exam in Mathematical Economics

A. For the following functions, (1) find the critical values, (2) test for concavity to determine relative
maxima or minima, (3) check for inflection points, and (4) evaluate the function at the critical values and
inflection points.
a) f(x) = x3- 21x2 +135x+50
b) f(x)= -x3+ 9x2 +48x+50
c) f(x) = (4x-5)3
d) f(x) = (x+4)6

B. Optimize the following quadratic and cubic functions by (1) finding the critical value(s) at which the function is
optimized and (2) testing the second-order condition to distinguish between a relative maximum or minimum.
a)y = 4x3−40x2+96x
b) y = −0.01x2+3x−100
c) y = −16t2−2t+763
d) y = 11x3 + 16x2 - 12x = -7
C. Optimize the following higher-order polynomial functions, using the same procedure as in Problem B.

a) y = x4- 10x3- 100x2 +50


b) y = -6x4 -40x3 +288x2 = -34

c) y = - (x+20)4

d) y = (12-6x)4

D. Find (1) the marginal and (2) the average functions for each of the following total functions. Evaluate them at
Q=4 and Q=6.
a) TC = 5Q2 +8Q+25
b) π = Q2 +5Q-20
c) TR =25Q-2Q2
d) TC =60+6Q-4Q2 +3Q3
E. Find the marginal expenditure (ME) functions associated with each of the following supply functions. Evaluate
them at Q =3 and Q=8.
a) P= 2Q2 -2Q+5
b) P= Q2 + 0.7Q3
F. Find the MR functions for each of the following demand functions and evaluate them at Q=3 and Q=8.

a) R(q)=100q-0.01q2
G. Given the production function Q=1.08L2-0.03L3+1.68K2-0.08K3, find the quantities of L=labor and
K=capital that maximize output Q.

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