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Math 2

The document contains 60 questions related to microeconomics concepts like production functions, costs, revenues, elasticities, and profit maximization. The questions ask the reader to calculate specific values based on given information like demand curves, cost curves, etc. and explain the meaning and implications of the results.

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k62.2311585005
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26 views3 pages

Math 2

The document contains 60 questions related to microeconomics concepts like production functions, costs, revenues, elasticities, and profit maximization. The questions ask the reader to calculate specific values based on given information like demand curves, cost curves, etc. and explain the meaning and implications of the results.

Uploaded by

k62.2311585005
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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47. The short-run production function Q= 15 √𝐿 is given. Calculate the MPPl

when L=8 and when L=1000, and explain the meaning of the results

obtained.

48. Find marginal cost function and average cost function, given the cost

function:

a) TC=3𝑄2 + 7𝑄 + 12

b) TC=2𝑄3 − 3𝑄2 + 4𝑄 + 10

49. The total revenue function is:

𝑇𝑅 = 200𝑄 − 3𝑄2

Find a marginal revenue function and demand function for the product.

50. Given the demand function for a monopolist producer’s product,

with the p price in USD:

Q=500-0.2p

Calculate MR at Q = 90. Explain why?

51. The demand function for a good is given as follows:

Q = 3200 - 0.5p2

Calculate the price elasticity of demand at the price p < 80

Calculate the price elasticity of demand at the prices p = 20; p = 50 and

explain.

52. Given a linear demand function

Q= a - bp (a, b>0).
𝑎
Let 𝜀 be the price elasticity of demand, show (prove) that 𝜀= - 1 when p= ,
2𝑏
𝑎 𝑎 𝑎
𝜀 < -1 when 0 < p < , -1 < 𝜀 < 0 when <p< .
2𝑏 2𝑏 𝑏

53. The total revenue of the exclusive distributor at each product Q is

TR=500Q-4Q2 . Let's compute the price elasticity of demand with the product

of the distributor at the price p=300 and explain.

54. Calculate the price elasticity of supply at each price p in the case of a linear

function:

𝑄 = −𝑎 + 𝑏𝑝 (a, b>0)

55. The profit function of the manufacturer is:


3
𝜋 = −3𝑄
1
+ 14𝑄2 + 60𝑄 − 54

Find the optimum output ( to maximize profit).

56. Find the optimum output of the manufacturer, given the Total Revenue

function and Total Cost function as follow:

a) TR = 4000Q - 33Q2 , TC = 2Q3 - 3Q2 + 400Q + 5000

b) TR = 4350Q - 13Q2 , TC = Q3 - 5,5Q2 + 150Q + 675

57. Find the producer's optimal quantity, give the marginal revenue and

marginal cost as follows:

a) MR = 5900 - 20Q

b) MC = 6Q2 - 8Q + 140

58. A monopoly producer sells products with an inverse demand function 𝑝 =

1400 - 7.5𝑄
a) Calculate the elasticity of demand at each p

b) Given marginal cost function MC = 3𝑄2 − 12𝑄 + 140. Find the Q point

for maximum profit.

59. A producer sells a product in a competitive market for $20. Assume the
3
production function 𝑄 = 12√𝐿2 and the labor cost is $40. Determine the level

of employment for maximum profit.

60. An exclusive distributor consumed products in a market with a demand

function 𝑄 = 750 − 𝑝 . Assume the production function 𝑄 = 6√𝐿 and the

labor cost is $14. Determine the level of employment for maximum profit.

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