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