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1.
2.
3.
Two lines have a common intercept of 4 but (i) one line has a slope of 2 while
(ii) the other has a slope of -2.
(a) Write down the equation of each line.
(b) Plot the two lines on the same graph.
Does the graph confirm the answers in (a)?
4.
1
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John Wiley and Sons 2013
0
-4
-2
10
12
Graph 4(b)
y
35
30
25
20
15
10
5
-6
-4
0
-2 -5 0
x
2
10
12
10
12
-10
-15
Graph 4(c)
y
25
20
15
10
5
-6
-4
0
-2 -5 0
x
2
-10
-15
-20
5.
The demand function for seats in the front stalls concert tickets is given by the
equation P = 400 4Q where
2
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John Wiley and Sons 2013
6.
The supply function for seats in the front stalls concert tickets is given by the
equation P = 40 + 5Q where
P is the price per ticket and Q is the number of tickets (quantity) sold.
(a) Calculate the supply schedule for Q = -20 to Q = 80 of women in paid
employment.
(b) Plot the supply schedule for Q = -20 to Q = 80.
(c) From the graph estimate the number of seats supplied when (i) Q = 45 (ii)
Q = 100.
Are these answers economically meaningful?
Confirm answers to (c) algebraically.
Note:
In questions 7 to 11, you may find it more convenient to work in units of , 000.
7.
8.
The company charges 20000 to renovate (and insulate) the average house
(a) Write down for the companys total revenue (TR)
(b) Graph the total revenue function for Q = -20 to 60, where Q is the number
of houses (quantity) renovated
3
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John Wiley and Sons 2013
10.
11.
12.
13
14
.
In each case, (a), (b) and (c) above, describe verbally the effect of the change
and compare this to original constraint in question 13.
5
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John Wiley and Sons 2013
From the graph state the number week-end breaks affordable if there are
(i) no supporters trips (ii) five supporters trips
Confirm your answers (i) and (ii) algebraically
(iii) the number of supporters trips affordable when there are no week-end
breaks
then compare the answers with that in question in13 (b)
6
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John Wiley and Sons 2013