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    This document contains 5 mathematics problems for economics and business. Problem 1 involves determining properties of 4 functions such as their domain, zeros, extreme values, and drawing their graphs. Problem 2 involves computing the price and output quantities that minimize average variable costs given cost and demand functions. Problem 3 similarly involves determining costs given another cost function. Problem 4 involves finding the maximum total revenue, break even points, and maximum total profit given demand and cost functions. Problem 5 extends this to involve determining price, quantity, and maximum total profit at multiple demand intervals.

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    X X X F X X F e X X F

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    This document contains 5 mathematics problems for economics and business. Problem 1 involves determining properties of 4 functions such as their domain, zeros, extreme values, and drawing their graphs. Problem 2 involves computing the price and output quantities that minimize average variable costs given cost and demand functions. Problem 3 similarly involves determining costs given another cost function. Problem 4 involves finding the maximum total revenue, break even points, and maximum total profit given demand and cost functions. Problem 5 extends this to involve determining price, quantity, and maximum total profit at multiple demand intervals.

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    This document contains 5 mathematics problems for economics and business. Problem 1 involves determining properties of 4 functions such as their domain, zeros, extreme values, and drawing their graphs. Problem 2 involves computing the price and output quantities that minimize average variable costs given cost and demand functions. Problem 3 similarly involves determining costs given another cost function. Problem 4 involves finding the maximum total revenue, break even points, and maximum total profit given demand and cost functions. Problem 5 extends this to involve determining price, quantity, and maximum total profit at multiple demand intervals.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    34 views4 pages

    X X X F X X F e X X F

    Uploaded by

    api-27109133
    This document contains 5 mathematics problems for economics and business. Problem 1 involves determining properties of 4 functions such as their domain, zeros, extreme values, and drawing their graphs. Problem 2 involves computing the price and output quantities that minimize average variable costs given cost and demand functions. Problem 3 similarly involves determining costs given another cost function. Problem 4 involves finding the maximum total revenue, break even points, and maximum total profit given demand and cost functions. Problem 5 extends this to involve determining price, quantity, and maximum total profit at multiple demand intervals.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Hochschule für Wirtschaft und Recht Berlin Prof. Dr.

    Susanne Hannappel
    Worksheet 5

    MATHEMATICS FOR ECONOMICS AND BUSINESS Date: (1)/4

    1. You are given the following functions. Determine their domain, zeroes,
    relative extreme values, inflection points, monotony and their curvature.
    Draw a graph of each function.

    1 4
    a) f ( x) = x 4 − 8 x 2 − 9 b) f ( x) = x − 2 x 3 + 7 .5 x 2
    12
    c) f ( x) = 10 ⋅ x 0.8 d) f ( x) = x 2 ⋅ e − x

    2. You are given the following cost function of a monopolist:

    K ( x) = 0.01x 3 − 1.5 x 2 + 120 x + 4000 ( K : total costs; x : output)

    x ( p ) = 1044 − 0.3 p ( x : demand; p : price )

    i) Compute the price for which the increase of one MU/QU leads to a
    decrease of 0.3 QU in demand.

    ii) Which output quantities lead to minimal average variable costs?


    Hochschule für Wirtschaft und Recht Berlin Prof. Dr. Susanne Hannappel
    Worksheet 5

    MATHEMATICS FOR ECONOMICS AND BUSINESS Date: (2)/4

    3. You are given the following cost function

    K ( x) = 0.1x 3 − 2.4 x 2 + 30 x + 640 x : output (QU)


    K : total costs (MU)

    i) Determine the minimum of the average variable costs


    (Betriebsminimum).

    ii) Show that the average costs have their minimum at x=20 QU
    (Betriebsoptimum).

    iii) Compute the quantity of output for which the marginal costs are
    minimum.

    iv) Show that at the Betriebsoptimum the marginal costs are equal to the
    average costs.

    100 MC
    95 K ′ (x ) AC
    90 k (x )
    85
    80
    75
    70
    65 Minimum of AC AVC
    60 kv (x )
    55
    50
    45
    40
    35 Minimum of AVC
    30
    25
    20
    15
    10
    5
    0 x
    0 5 10 15 20 25 30
    Hochschule für Wirtschaft und Recht Berlin Prof. Dr. Susanne Hannappel
    Worksheet 5

    MATHEMATICS FOR ECONOMICS AND BUSINESS Date: (3)/4

    4. A commodity is sold with the following demand function

    ⎧ 180 − 2 x für 0 ≤ x ≤ 60
    p ( x) = ⎨ ( p : price , x : quantity )
    ⎩78 − 0.3 x für x > 60

    The total cost function is given by: K ( x ) = 15 x + 3000 .

    Determine the following:

    a) maximum of the total revenue,


    b) the break even points,
    c) maximum of the total profit.
    Hochschule für Wirtschaft und Recht Berlin Prof. Dr. Susanne Hannappel
    Worksheet 5

    MATHEMATICS FOR ECONOMICS AND BUSINESS Date: (4)/4

    5. You are given the following demand function

    ⎧ − 0.5 x + 50 für 0 ≤ x ≤ 10 ME
    ⎪
    p ( x) = ⎨ − 2 x + 65 für 10 < x ≤ 20 ME ,
    ⎪ − 0.5 x + 35 für 20 < x ≤ 70 ME
    ⎩

    draw its graph.

    Determine price, quantity and total profit at the maximum of the total profit
    function, assuming that the supplier is producing with the following cost
    function:

    a) K ( x) = 0.008 x 3 − 0.6 x 2 + 20 x + 150


    b) K ( x ) = 30 x + 100

    Note
    Determine the total profit function and its marginal profit function.

    ⎧ ... for 0 ≤ x ≤ 10 ME ⎧ ... for 0 ≤ x ≤ 10 ME


    ⎪ ⎪
    G ( x) = ⎨ ... for 10 < x ≤ 20 ME and G ′( x) = ⎨ ... for 10 < x ≤ 20 ME
    ⎪ for 20 < x ≤ 70 ME ⎪ for 20 < x ≤ 70 ME
    ⎩ ... ⎩ ...

    Compute the relative extrema for each interval and compare their function
    values G (x ) with the function values at the interval boundaries.

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