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Math Assessment S23

The document is a math assessment for an Intermediate Microeconomics course, consisting of simplifications, equation solving, derivatives, and economic questions related to demand, supply, and optimization problems. It includes various mathematical tasks such as finding equilibrium prices, marginal costs, and derivatives of functions. The assessment requires students to demonstrate their understanding of mathematical concepts applied to economic theories.

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kennedy2619
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6 views3 pages

Math Assessment S23

The document is a math assessment for an Intermediate Microeconomics course, consisting of simplifications, equation solving, derivatives, and economic questions related to demand, supply, and optimization problems. It includes various mathematical tasks such as finding equilibrium prices, marginal costs, and derivatives of functions. The assessment requires students to demonstrate their understanding of mathematical concepts applied to economic theories.

Uploaded by

kennedy2619
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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ECON 305: Intermediate Microeconomics

MATH ASSESSMENT

Name__________________________________________________________________________________________

Hand in a hardcopy.

1. Please do the simplification.

!!
a) !"
=

b) 4𝑥 " + 2𝑥 " =

c) (4𝑥)#.% =

d) (16𝑥)#.&% =

2. Please solve the equation(s).

a) 20𝑥 + 100 = 0. Find 𝑥.

b) (16𝑥)#.% = 100. Find 𝑥.

c) (𝑥)#." = 40. Find 𝑥. Give your answer with two decimals.

d) 𝑥 = −1𝑦 + 2 𝑎𝑛𝑑 𝑥 = 4𝑦 − 8. Find 𝑥 and 𝑦.

e) 𝑥 = 𝑦 + 8 𝑎𝑛𝑑 𝑦 = 2 + 2𝑧 𝑎𝑛𝑑 𝑧 = 𝑥 + 𝑦. Find 𝑥, 𝑦, and 𝑧.

3. Please find the derivative for the following functions.

()(!)
a) 𝑓(𝑥) = 5𝑥 ' ,!
=

()(!)
b) 𝑓(𝑥) = 2𝑥 - + 5𝑥 " ,!
=

()(!,/)
c) 𝑓(𝑥, 𝑧) = 𝑥 & (5𝑥 + 𝑧𝑥 + 𝛿𝑧) ,!
=

()(!,/)
,/
=
()(!)
d) 𝑓(𝑥, 𝑦) = 𝑥 (0) 𝑦 (120) ,!
=

()(!)
e) 𝑓(𝑥, 𝑦) = 4𝑥 #.' 𝑦 #.3 =
,!

()(!)
f) 𝑓(𝑥) = ln 2𝑥 & ,!
=

4. Please answer the following questions

a) 𝐷𝑒𝑚𝑎𝑛𝑑: 𝑄4 = 50 − 𝑝 𝑎𝑛𝑑 𝑆𝑢𝑝𝑝𝑙𝑦: 𝑄5 = −40 + 4𝑝.

Find equilibrium 𝑝 and 𝑄.

b) 𝐼𝑛𝑣𝑒𝑟𝑠𝑒 𝐷𝑒𝑚𝑎𝑛𝑑: 𝑝 = 200 − 0.5 𝑄 𝑎𝑛𝑑 𝑇𝑅 = 𝑝 ∙ 𝑄.

,67
Find Total revenue (𝑇𝑅) and Marginal Revenue (𝑀𝑅), where 𝑀𝑅 = ,8
.

c) 𝑇𝑜𝑡𝑎𝑙 𝐶𝑜𝑠𝑡: 𝐶 = 100𝑄 + 50𝑄& + 0.5 𝑄' .

,9
Find Marginal Cost, where 𝑀𝐶 = ,8.

d) Given the production function, 𝑄 = 25𝐾 #.&% 𝐿#.3% , find the marginal product of
,8 ,8
labor (𝑀𝑃𝐿 = ,: ) and the marginal product of capital (𝑀𝑃𝐾 = ,;).

e) 𝑞 = 𝑓(𝐾, 𝐿) = 4𝐾 #.% 𝐿#.% , what is the derivative with respect to 𝐿 when 𝐾 =


100 and 𝐿 = 25?

f) 𝐷𝑒𝑚𝑎𝑛𝑑: 𝑄4 = 100 − 2𝑝 𝑎𝑛𝑑 𝑆𝑢𝑝𝑝𝑙𝑦: 𝑄5 = −20 + 3𝑝.

Find equilibrium 𝑝 and 𝑄.

g) 𝐷𝑒𝑚𝑎𝑛𝑑: 𝑄4 = 100 − 2𝑝 𝑎𝑛𝑑 𝑆𝑢𝑝𝑝𝑙𝑦: 𝑝 = 20 + 0.5𝑄5 .

Find equilibrium 𝑝 and 𝑄.

h) Given the production function, 𝑄 = 10𝐾 #.' 𝐿#.3 , find the marginal product of
labor.

i) 𝐷𝑒𝑚𝑎𝑛𝑑: 𝑄4 = 400 − 3𝑝 𝑎𝑛𝑑 𝑆𝑢𝑝𝑝𝑙𝑦: 𝑄5 = −100 + 2𝑝.

Find equilibrium 𝑝 and 𝑄.


j) Again, using Demand and Supply as in (i), 𝑄4 = 400 − 3𝑝 ; 𝑄5 = −100 + 2𝑝.

suppose the government imposes a per-unit tax of 50 on the producers; that


is, for every unit sold the producer must give the government 50.

Find the new Supply curve, then find the new equilibrium 𝑝 and 𝑄.

k) Suppose 5 ∙ 𝑦 #.% = 𝑥.

Find 𝑦 as a function of 𝑥.

l) Suppose 200 ∙ 𝐿#." = 𝑞.

Find 𝐿 as a function of 𝑞.

m) Suppose 380.73 ∙ 𝐿#.&% = 𝑞.

Find 𝐿 as a function of 𝑞.

n) Suppose 0.6 ∙ 𝑥 2#." 𝑦 #." = 0.4 ∙ 𝑥 #.< 𝑦 2#.< .

Find 𝑥 as a function of 𝑦.

o) Use your answer from (n) to find the exact values of 𝑥 and 𝑦, given that
200 = 𝑥 #.< 𝑦 #." . As you work through the problem, use four decimals. Give
your final answers with two decimals.

p) Solve this constrained optimization problem. That is, what are the optimal
values for 𝐴 and 𝐵?

𝑀𝑎𝑥 𝑈 = 𝐴#.% 𝐵#.%


𝑆𝑢𝑏𝑗𝑒𝑐𝑡 𝑡𝑜 2𝐴 + 4𝐵 = 400.

q) Solve this constrained optimization problem. That is, what are the optimal
values for 𝐴 and 𝐵?

𝑀𝑎𝑥 𝑈 = 𝐴#.&% 𝐵#.3%


𝑆𝑢𝑏𝑗𝑒𝑐𝑡 𝑡𝑜 𝐴 + 4𝐵 = 200.

r) 𝑓(𝑥) = 𝑥 & (𝑥 ' + 10), what is the derivative with respect to x? Simplify your
answer.

s) 𝑈(𝐴, 𝐵) = 100 𝐴#.% , what is the marginal utility of good B when the
individual consumes 10 𝐴 and 8 𝐵? That is, what is the derivative of 𝑈 with
respect to 𝐵 when 𝐴 = 10 and 𝐵 = 8? Give your answer with two decimals.

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