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Home Question Bank Economics Archive 2025 January 21

Economics Questions from Jan 21,2025

Browse the Economics Q&A Archive for Jan 21,2025, featuring a collection of homework questions and answers from this day. Find detailed solutions to enhance your understanding.

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Acertain type of paper towel costs \( \$ .19 \) to manufacture and sells for \( \$ .69 \) per roll. The fixed cost of producing 500,000 is \( \$ 25,000 \). (A) How many of the 500,000 rolls must be made before the company breaks even? (B) What is the profit on 500,000 rolls? (2) A certain type of paper towel costs \( \$ .19 \) to manufacture and sells for \( \$ .69 \) per roll. The fixed cost of producing 500,000 is \( \$ 25,000 \). (A) How many of the 500,000 rolls must be made before the company breaks even? (B) What is the profit on 500,000 rolls? 2. A firm has an average cost function, \[ A C=Q^{2}-9 Q+\frac{150}{Q}+75 \] (a) Find an expression for the TC function and calculate TC when \( Q=15 \). 4 marks (b) Write down the equations for FC and TVC. 2 marks (c) Find an expression for the MC function. 3 marks 3. Find the maximum and/or minimum values (if any) for each of the functions below. (a) \( P=-2 Q^{2}+8 Q \) 5 marks (b) \( y=x^{3}-3 x^{2}-9 x \) 5 marks 1 Question Two 1. Find \( \frac{d y}{d x} \) from the first principles of differentiation. (a) \( \mathrm{y}=2 \mathrm{x}^{2}+3 x \) 2 marks (b) \( \mathrm{y}=\sqrt{x} \) 3 marks 2. Determine the intervals along which each of the following curves is increasing or decreasing (consider the positive half of the plane, \( x>0 \) ) (a) \( A C=Q^{2}-20 Q+120 \) 5 marks (b) \( T R=50 Q-Q^{2} \) 5 marks 3. Sketch the following functions over the stated interval. (a) \( Q=100-P^{2}, \quad-1<P<10 \) 5 marks (b) \( A C=\frac{5}{Q}, \quad 0<Q<4 \) 5 marks Question Three 1. Find the derivatives of the following functions; (a) \( \mathrm{y}=(\sqrt{x}+1)(\sqrt{x}-3) \) 3 marks (b) \( y=\sqrt{4 x^{2}-x} \) 3 marks (c) \( y=\left(x^{3}-7\right)^{10} \) 3 marks 2. The demand function for a good is given as \( P=50-2 Q \). (a) Write down expressions for the TR and MR functions. 2 marks (b) Calculate the output at which TR is a maximum and confirm that marginal \( \begin{array}{lr}\text { 2. Single person's allowance } & \$ 1800 \\ \text { Married man's allowance } & \$ 2500 \\ \text { Child under } 11 \text { years old } & \$ 700 \\ \text { Child 11-16 years old } & \$ 900 \\ \text { Child over } 16 \text { years old, } \\ \text { if in full-time education } & \$ 1100 \\ \text { Dependent relative } & \$ 400 \\ \text { National insurance } \\ \text { A married man with one child aged } 15 \text { years } \\ \text { and a second child aged } 18 \text { years who is } \\ \text { attending college full time, earns } \$ 48120 \text { per } \\ \text { annum. He has a dependent relative whom he } \\ \text { helps to support. If he also gets an allowance of } \\ \$ 150 \text { for national insurance, calculate the amount } \\ \text { he pays in income tax per annum if it is levied } \\ \text { at } 25 \% \text {. }\end{array} \) Tony runs the Carroll Farm, which produces many different crops, including wheat. The mor plots of land that are devoted to growing wheat, the more bushels of wheat the farm will produce. \( p= \) the number of plots of land devoted to growing wheat \( w= \) the number of bushels of wheat produced each year Which of the variables is independent and which is dependent? w is the independent variable and \( p \) is the dependent variable \( p \) is the independent variable and \( w \) is the dependent variable ppose the world consists of two countries - Canada and Mexico. Furthermore, suppose there are only two goods-food and eloth ich of the following statements is true? a. If Canada has an absolute advantage in the production of food, then Mexico must have an absolute advantage in the production of ciothin b. If Canada has a comparative advantage in the production of food, then Mexico must have a comparative advantage in the production of cothing. c. If Canada has a comparative advantage in the production of food, it must also have a comparative advantage in the production of clothing. d. If Canada has a comparative advantage in the production of food, Mexico might also have a comparative advantage in the production of fo e. None of the answer choices are correct. Suppose a coumtry's workers can produce 4 pens per bour or 12 pericils perr hoar. If there is no trade, a. the opportunity cost of 1 pen is 3 pencils b. the opportunity cost of 1 pen is \( 1 / 3 \) of a pencil c. the opportupity cost of 1 pen is \( 1 / 4 \) of a pencil d. the opportunity cost of 1 pen is 4 pencls e. the opportunity cost of 1 pen is 12 penals Fatima has two transport options to get to work. She can create a carpool (by travelling together with a maximum of four other colleagues) and split her monthly cost of R1 200 between all five people, or she can catch the bus. A monthly bus ticket costs her R300. Complete the table of values given below and use your answer to comp the two options: ons ma01pe \( 10 h \) ch 03.06 m Suppose a country's workers can produce 4 pens per hour or 12 pencile per hour. Hif thenc is no trade, a. the domestic price of 1 pencli is 4 pens b. the domestic price of 1 penci is \( 1 / 3 \) of a pen c. the domestic price of 1 pencil is 3 pens d. the domestic price of 1 pencil is 12 pens e the domestic price of 1 pencil is \( 1 / 4 \) of a pen Which of the following statements is true? a. A self-sufficient country consumes outside its production possibilities frontier, b. A self-sufficient country at best can consume on its production possibilities frontier, c. Self-sufficiency is the road to prosperity for most countries. d. Only countries with ahabsolute advantage in the production of every good should strive to be self-sufficient, 3.
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