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2952352 Mathematics for Economists II

1. z = f ( x, y ) where

− z 2 + 3z ln x = x 2 y + yz + e 7 + ln 2

∂z ∂z

(a) Find and . (4 marks)

∂x ∂y

∂z ∂z

(b) If x = rs 2 − s and y = s 3 − 2r 2 s where r = 2 and s = 1 , find and given z = 1 .

∂r ∂s

(6 marks)

2. Find an equation of the least squares linear-regression line of y on x for the given data. In

addition, predict the value of y corresponding to x = 7 . (4 marks)

x 2 4 6 8 10

y 1.8 4.2 6.2 7.8 10

1

q A = 50 − pA

2

qB = 76 − pB

c = 3q A + 2q A qB + 2qB + 55

2 2

The total cost is

(a) Calculate the optimum profit and use the second derivative test to show that this

optimum maximises profit.

(10 marks)

(b) If the accountant made a mistake in the calculation of the total cost, the new total cost

c = 3q A + 2q A q B + 1.8q B + 55 ,

2 2

becomes

apply the envelop theorem to approximate the new maximum profit.

(3 marks)

Page 2 of 3

f ( x, y, z ) = 2 ln⎜ ⎟ + 3 ln⎜⎜ ⎟⎟ + ln⎜ ⎟

⎝ x⎠ ⎝ y⎠ ⎝z⎠

subject to the constraint

1

3x + 2 y −

=1

z

(a) Use the Lagrange multiplier method to find all critical point(s) of the function and the

corresponding minimum value(s) of the function f ( x, y, z ) .

(10 marks)

(b) Estimate the new optimum value(s) of the function f ( x, y, z ) if the constraint is changed to

1

3x + 2 y − = 1.1 .

z

(2 marks)

5. Use the extreme value theorem to find the absolute maximum point(s) for

⎛ 1⎞

h ( x, y ) = x 2 y ⎜ x − y − ⎟

⎝ 2⎠

1

subject to 1≤ x ≤ 2, y≥ and y ≤ x −1 .

2

(15 marks)

4 1

6. Find the maximum value of the utility function U = x 5 y 5

(15 marks)

f ( x, y ) = −5 x 2 + 80 x − y 2 + 32 y subject to − x − y ≤ −30, − x 2 ≤ −4 .

(19 marks)

Page 3 of 3

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