Mathematics for Economics and Business 1 (ECON2103)
Faculty of Economics and Management Science (FEMS)
Semester: Resit
Level: 200
Year: 2015
INSTRUCTIONS: ANSWER ALL QUESTIONS
DURATION: 3 HOURS
PART ONE – DR. DOBDINGA
Question one
The supply function for toys is given as: Q
s
= 500 + 0.75P +0.5P where Q
s
is quantity of toys
supplied, P is the price of toys, A is the amount spend on advertising toys. P=100, A = 200.
Determine the: a) price elasticity of supply b) advertisement elasticity of supply
Question two
A firm in perfect competitive market is faced with the following total cost function: =
−
112.5
+ 1000 for producing groundnut paste. The price per bucket of groundnut is 7500frs.
Where X is the quantity of groundnuts used in buckets
Determine:
a)
The profit maximizing quantities and the total profit.
b)
Determine the marginal cost of producing good X when profits are maximized
c)
Verify that the quantity produced in a) above actually maximized profit
Question three
The consumption function of a community is given as: = 0.25
+ 500 find the marginal
propensity to consume ( slope) and the equation of the tangent line to the consumption function
at the point (1.5, 500)
Part two – algebra DR. TAMBI
Exercise one: 5 pts
An arithmetic progression has 3 as its first term and the sum of the first 8 terms is twice the sum
of the first 5 terms. Find the common difference.
Exercise two: 5 pts
Find the sum of the geometric series; 8, -4, +2, -1 … where there are 5 terms in the series.
Exercise three: 10pts
Consider the following function
=
− 2
+ 2
a)
What is the largest power of x
THE UNIVERSITY OF BAMENDA
FACULTY OF ECONOMICS AND MANAGEMENT SCIENCES
1st Semester Resit Course e: Math for Econs and Business 1
Course Code: ECON203
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b) In your opinion what will be the behavior of this curve
c) What are the roots of the function?
d) What are the multiplicity of this function?
e) Sketch the graph of the function
Exercise four: 5pts
From the following equation
= 2 + 8 − 1 = 0
1) Determine the gradient of the graph of the function. 2) determine the y-intercept.
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