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Part III: Answer the following questions as per the instructions given.
1.Given:
P= Br. 10 and TC = 120 + 4Q²
A. Find the profit maximizing level of price and quantity.
B. What will be the total profit?
2.Briefly explain the types of returns to scale.
3.Define market and State some of its elements.
Part II: Choose the best answer for the following statements
1. As per Ordinalists, it is assumed that
A. Utility is not measurable B. Constant marginal utility of money
D. All C. Diminishing marginal
E. A and C
2. Which one of the following is False?
A. The demand will be more elastic if there are close substitutes for it.
B. Necessities are more price elastic than luxuries
C. Demand is more elastic in the long run.
D. None
3. At zero unit of out put
A. Total cost is equal to fixed cost
B. Total variable cost is greeter than fixed cost.
C. Fixed cost is equal to zero
D. Variable cost is equal to total cost
4. In imperfect competition
A. Demand curve is elastic
B. Average revenue is negatively sloped
C. There are many sellers
D. Demand curve is up ward sloping
5.Total utility minus total amount of money spent.
A. Consumer deficit B. Consumer surplus
C. Producer surplus D. Producer deficit
Part 1: Write true or false for the following statements on the separate answer sheet provided.
1. In cardinal utility theory it is assumed that money has constant marginal utility.
2. Indifference curves slopes down ward from right to left.
3. If the quantity demanded does not show any Change as price changes, then
elasticity is zero.
4. The equality of MC and MR determines the equilibrium position of the firm
under all market situations.
5. In a perfectly competitive market structure the marginal cost curve is also its
supply curve.
Define the following terms
PART 1.
a) What is an equation?
b) What is a linear equation?
c) What is determinants?
d) What is a matrix?
e) What is linear programming?
WORKOUT PROBLEMS
Instruction: show all the necessary steps for the following problems on the space provided.
2. If two members are chosen at random from a committee consisting of 10 members of which 4 are women. Then what is the probability that the randomly chosen members consist of
A. both women
B. both men.
C. one man and one women
3 The probability that a person stopping at a petrol pump will get his tires checked is 0.12, the probability that he will get his oil checked is 0.29. and the probability that he will get both checked is 0.07.
9. The following statements are true except, the
A, sum of the probabilities of two complementary events of a statistical experiment is 1.
B, sum of the probabilities of all the sample points of a statistical experiment is 1.
C. sum of the probabilities of two mutually exclusive events of statistical experiment is 1.
D. sum of the probability of one or the other mutually exclusive events happening in less or equal to 1.
Suppose that business travelers and vacationers have the following demand for airline tickets from City X to City Y:
As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (i) business travelers and (ii) vacationers? (Use the arc elasticity method in your calculations.)
Given Ca=20 c=MPC=3/4 Ia=I=20 detemine equilibrium level of income when there is no government sector b; define equilibrium level of income when government spending is 25 &no taxation
If 200cm² of carbon iv oxide were collected over water at 18°c and 700mmHg determine the volume of the dry gas stp
what is the numbers of ways to order the 26 letters of the alphabet so that no two of the vowels a,e,i,o,u occur consecutively ?
#340153 on Dec 2023