# Questions for in-class tutorial:

Tutorial 1
Questions for in-class tutorial:
Basic Maths:

1. Solve the following equations
2. a) =
3. b)
4. Simplify the following expressions
5. a)
6. b)

Application Questions:

1. The demand function of a good is given by

Rearrange this formula to express Q in terms of P

1. A paint manufacturer receives \$12 for each tin sold. The initial set-up cost for the production run is \$800 and the cost of making each tin of paint is \$3. Calculate the profit when 1000 tins of paint are manufactured and 800 sold.

1. A canteen has fixed costs of \$1500 per week. Meals cost \$5 each and are sold at a fixed price of \$9 each.
2. a) Write down the equations for total cost and total revenue.
3. b) Calculate the number of meals produced when total costs are \$2300
4. c) Calculate the profit when 500 meals are sold per week.

Questions for self-study

1. The company that sells chicken snack boxes for \$4.80 each has fixed costs of \$780 per day and variable costs of \$1.70 for each chicken snack box.
2. a) Write down the equations for total revenue, total costs and profit
3. b) Calculate the number of chicken snack boxes that must be produced and sold of the company is to break even.
4. A motorised bike is priced at \$3750.
5. If the price includes the retailer’s profit of 20%, calculate the cost price of the bike.
6. If the customer must pay 21% tax on the retail price, calculate the total paid by the customer
7. Solve the following equations
8. a) 2x2 – 6x + 4 = 0
9. b) 2x2 – 7x – 9 = 0

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