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Calculus and Economics Problem Set

1. The document contains 7 questions regarding calculus concepts such as finding critical values, derivatives, integrals, profit maximization, and consumer and producer surplus. 2. Questions involve finding critical values and max/min of functions, determining profit-maximizing output and price, calculating integrals, and deriving total cost and revenue functions. 3. Questions also include finding marginal products, partial derivatives, evaluating defined integrals, and determining consumer and producer surplus given demand and supply functions.

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Nazifa Sultana 1831133030
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153 views2 pages

Calculus and Economics Problem Set

1. The document contains 7 questions regarding calculus concepts such as finding critical values, derivatives, integrals, profit maximization, and consumer and producer surplus. 2. Questions involve finding critical values and max/min of functions, determining profit-maximizing output and price, calculating integrals, and deriving total cost and revenue functions. 3. Questions also include finding marginal products, partial derivatives, evaluating defined integrals, and determining consumer and producer surplus given demand and supply functions.

Uploaded by

Nazifa Sultana 1831133030
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

Assignment_3

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1. Consider the following function:


𝒚 = 𝒙𝟑 − 𝟏𝟐𝒙𝟐 + 𝟑𝟔𝒙 + 𝟖
(i) Find the critical values
(ii) Check whether the function is maximum/minimum at these critical values

2. Consider the following total revenue and total cost function:


𝑻𝑹 = 𝟓𝟗𝟎𝟎𝑸 − 𝟏𝟎𝑸𝟐
𝑻𝑪 = 𝟐𝑸𝟑 − 𝟒𝑸𝟐 + 𝟏𝟒𝟎𝑸 + 𝟖𝟒𝟓
(i) Formulate the profit function
(ii) Find the profit-maximizing level of output
(iii) What is the maximum profit?

3. (a)Find the all types of partial derivatives of the following function:


𝒁 = 𝟔𝒙𝟑 − 𝟏𝟎𝒙𝟐 𝒚 + 𝟖𝒙𝒚𝟐 − 𝟏𝟐𝒚𝟑

(b) Suppose 𝑸 = 𝟏𝟎𝟎𝑲𝟎.𝟕 𝑳𝟎.𝟓 . Find the marginal product of labor and marginal
product of capital.

4. Consider the following function:


𝒁 = 𝟏𝟔𝟎𝒙 − 𝟑𝒙𝟐 − 𝟐𝒙𝒚 − 𝟐𝒚𝟐 + 𝟏𝟐𝟎𝒚 − 𝟏𝟖
(i) Find the critical values.
(ii) Check whether the function is maximum/minimum at these critical values.

5. A monopolist sells two products 𝑥 and 𝑦 for which the demand functions are:
𝒙 = 𝟕𝟐 − 𝟎. 𝟓𝑷𝒙

𝒚 = 𝟏𝟐𝟎 − 𝑷𝒚
And the joint cost function is 𝑪 = 𝒙𝟐 + 𝒙𝒚 + 𝒚𝟐 + 𝟑𝟓
Find the profit maximizing level of (i) output, (ii) price, and (iii) profit for a monopolist
with the above demand functions.
6. (a) Determine the following integrals:
10
(i) ∫(16𝑥 3 + 6𝑥 2 − 𝑥
+ 50𝑒 𝑥 + 100)𝑑𝑥
3
(ii) ∫2 40𝑥(10𝑥 2 − 5) 𝑑𝑥 2

(b) Draw the curve of the following function and evaluate the area between the curves
over the stated interval.
𝑦1 = 𝑥 2 − 4𝑥 + 12
𝑦2 = 3𝑥 2
from 𝑥 = 1 𝑡𝑜 𝑥 = 4

𝒅𝑻𝑪
7. (a) Given that 𝑴𝑪 = = 𝟑𝟐 + 𝟔𝑸 − 𝟏𝟐𝑸𝟐 . Fixed cost is 2000. Find total cost
𝒅𝑸
𝒅𝑻𝑹
function. Given that 𝑴𝑹 = = 𝟔𝟎 − 𝟓𝑸 − 𝟖𝑸𝟐 . Find the total revenue function.
𝒅𝑸

(b) Consider the following demand and supply function as follows:


𝑄𝑑 = 60 − 10𝑃
𝑄𝑠 = −40 + 15𝑃

Find the consumer and producer surplus

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