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Final EXAM Revision Sheet

This document is a revision sheet for a Math for Business course covering various topics including total cost and revenue functions, supply and demand equations, differentiation, and integration. It includes problems related to break-even analysis, equilibrium quantity and price, interest calculations, and marginal cost functions. Additionally, it addresses matrix equations and their determinants, as well as evaluating integrals.

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29 views3 pages

Final EXAM Revision Sheet

This document is a revision sheet for a Math for Business course covering various topics including total cost and revenue functions, supply and demand equations, differentiation, and integration. It includes problems related to break-even analysis, equilibrium quantity and price, interest calculations, and marginal cost functions. Additionally, it addresses matrix equations and their determinants, as well as evaluating integrals.

Uploaded by

a002.alnuaimi
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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2st Semester

2018-2019

Revision Sheet
Math for Business
1) A firm which makes travel alarm clocks has a total cost function TC =
800 + 0.2Q.

(a) If the price of the clock is $6.6, write down the equation of the total
revenue function.
(b)Calculate the number of clocks which must be made and sold to break
even.

2) The supply function is given by the equation Ps = 0.5Q2 +5 and the


demand function is given by the equation Pd = 155 – Q2. Calculate the
equilibrium quantity and the corresponding equilibrium price.

3) Solve the following problems:


(a) −4 p 2−2 p +1= p (b) 2 x= 16(1−x)
(c) Q2 +6 Q+9=Q2−10 Q+25 (d) 200 * (1.1)x = 20 000

4) Barry Newman's savings account has a balance of $1456. After 14


years, what will the amount of interest be at 8% compounded
1. Annually
2. Semi-Annually
3. Quarterly
4. Monthly
5. Weekly
6. Daily
7. Continuously

5) Solve the following problems

(a) Current monthly output from a factory is 25 000. In a recession, this is


expected to fall by 65%. Estimate the new level of output.
(b) The value of a good rises by 13% in a year. If it was worth $6.5 million
at the beginning of the year, find its value at the end of the year.
(c) As a result of a modernization program, a firm is able to reduce the size
of its workforce by 24%. If it now employs 570 workers, how many
people did it employ before restructuring?
(d) Shares originally worth $10.50 fall in a stock market crash to $2.10. Find
the percentage decrease.
2st Semester
2018-2019

6) Differentiate
a. y=x √ x
1
f ( x )= 2
b. x
1
f ( x )=
c. √x
4 3 2
d. f ( x )=x +5 x −3 x −21 x +10
e. Q=10 √ L
f. TC=30+10 Q
2
g. Q=P + P+1

'
7) Evaluate f ( x ) for each of the following functions at the given point
4
f ( x )=5 x 4 − 4
a. x at x=-1
2
f ( x )=√ x−
b. x at x=4

8) If the demand function P=80−3 Q


i. Find an expression for TR and MR in terms of Q
ii. Estimate the change in TR brought about by 0.4 units decrease in output from the
current level of 10 units.

100
AC= 2+
9) If the average cost function Q
i. Find an expression for TC What is the fixed cost in this case.
ii. Write an expression of the marginal cost function MC.
10) A firm’s short-run production function is given by Q = 300L 2 – L4 where L denotes
the number of workers. Find the size of the workforce that maximizes the average
product of labor.
2st Semester
2018-2019
11) The demand equation of a good is given by P + 2 Q = 20 and the total cost function
3 2
is Q − 8Q + 20Q + 2
(a) Find the level of output that maximizes total revenue.
(b) Find the maximum profit and the value of Q at which it is achieved. Verify that, at
this value of Q, MR = MC.

12) (a) A firm’s marginal cost function is MC = 2 Find an expression for the total cost
function if the fixed costs are 500. Hence find the total cost of producing 40 goods.
(b) The marginal revenue function of a monopolistic producer is
MR = 100 – 6 Q Find the total revenue function and deduce the corresponding
demand function.

13) a) The equilibrium prices P1 and P2 for two goods satisfy the equations
5 P1 + P2 = 43
2 P1 + 3 P2 = 25
Express this system in matrix form and hence find the values of P1 and P2.

[ 32 −9
−6 ] [ 35 0 −10
2 −3 ]
b) A= and B=
i) Find det(A)=| A|; is A singular
ii) Find A×B if possible

14) Evaluate the following:


2 3x
a) ∫ (6 x + ¿−9)dx ¿
5
7
b) ∫ dx
√x
c) ∫ 7 x 4 √ x dx
4
∫ (8 x3−e x + x2 )dx
d)

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