ECON1061 QUANTITATIVE ANALYSIS

Tutorial 3
Questions for in-class tutorial:
Basic Maths:

  1. Solve the following equations:
  2. a) 2x2x+1 = 7
  3. b) 20 = 40(1 – e-t)
  4. c) +

 
 
Application Questions:

  1. Find the equilibrium price and quantity for the demand and supply functions

=   and  =
 

  1. A new model of popular television set is gradually replacing an earlier model. The projected sales (in thousands) for the old and new models are given by the equations

 
=   and  =
where time  is in months, S is the number of TVs sold (old and new models separately)

  1. a) Calculate the number of TVs sold when t = 0 and 8
  2. b) Calculate the time when sales are equal

 
 
Questions for self-study

  1. The growth of demand for computer hardware in a college is given by the equation

, where  is time in months

  1. a) calculate the demand when = 0 and 6 months.
  2. b) calculate the time taken for the demand to increase to 300

 

  1. A firm has a total cost function TC = . If the firm charges a fixed price of 2 per unit sold:
  2. a) write down the equation for total revenue
  3. b) determine the break-even point

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