| Economics |
| FINAL EXAMINATION |
| | | Choose any 10 of the following questions to answer and submit. |
| 1 | | Given the supply and demand functions: |
| | | Qs=9P+12 |
| | | Qd=280-9P |
| | | Find equilibrium price and quantity using matrices. |
| | | Graph the equations using a scatter plot. |
| 2 | | The supply curve for a product is: |
| | | Y = .01X + .05 |
| | | A. What value must price, Y be for 19,500 units of the good to be supplied? |
| | | B. What price results in no units of the good being supplied? Use X = 0. | | | | | | | | Use SOLVER. |
| 3 |
| | Find the equation of the demand curve. Use SLOPE and INTERCEPT. |
| | Write the demand curve in the format Y = Mx +b. |
| 4 | Future Value |
| | Calculate the future value of the following investments: |
| | A) Annual interest 5%, $5000, 5 years. |
| | B) Semi annual interest 6%, $6500, 6 years. |
| | C) DAILY interest 7%, $7750, 7 years. |
| 5 | BREAK EVEN POINT |
| | Find the Break-Even Point by graphing the curves: |
| | Use: TR = TC |
| | TR = 3X |
| | TC = 12X + 18 |
| 6 | The following equation shows a Profit curve. |
| | Graph the curve, and find the maximum profit. |
| | Profit = -2X^2+8X-6 |
| 7 | Graph Total Revenue and Cost |
| | A company has fixed costs of $25000 and variable costs of $295 per unit. |
| | Cost = 25000+ 295X |
| | | | | | | | | Q | Price | TC = 25000+295Q | TR=800Q^2 | MC | AC | MR | AR |
| | The company sells the product for $800 per unit, squared. | | | | | | | 0 | $800 |
| | | | | | | | | 5 | $800 |
| | TR = 800X^2 | | | | | | | 10 | $800 |
| | | | | | | | | 20 | $800 |
| | Complete the cost and revenue table. | | | | | | | 30 | $800 |
| | | | | | | | | 40 | $800 |
| | | | | | | | | 50 | $800 |
| | | | | | | | | 100 | $800 |
| | | | | | | | | 200 | $800 |
| 8 | | A manufacturer has fixed costs of $2000 a month. The variable costs are $4 per unit. |
| | | Cost, Y =2000 + 4X |
| | | A. What is the cost of producing 150,000 units? Use X = 150,000. |
| | | B. How many units must be produced to have a cost of $86,500 in a month? |
| 9 | | Elasticity |
| | | (2,8) and (18,4) |
| | | Find the arc elasticity. |
| | | Interpret how TR will act if there was a price increase. |
| 10 | | TR = -Q^2+10Q+25 |
| | | Find the MR and AR. Graph MR and AR on a single graph. |
| 11 | | PAYMENT |
| | | Calculate the monthly PMT or PAYMENT on a $335,000 house with 3.25% monthly interest for 15 years. |
| 12 | | SHORTAGE and SURPLUS |
| | | YD=6-1.5X |
| | | YS =2+2X |
| | | Is there a shortage or a surplus at Price = $14? |
| | | Is there a shortage or a surplus at Price = $6? |
| | | What are the coordinates for equilibrium? |
samet
ECOMBA502FINALEXAMFALL2020.xlsx
