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practiceproblems0 - S 23rd 2 2009 JanuaryPRING006 GSI...

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EEP 101/ECON 125 January 23 rd 2006 HW 0 GSI: Kristin Kiesel Math Review: (Don’t hand in but come and see me in office hours if you have difficulty; answers provided on back) 1. Graphical analysis a) graph the following demand function: p=6-2q (put p on the x-axis and q on the y-axis) b) What is the p-intercept? c) What is the q-intercept? d) What is the area under the curve? (evaluate using the formula for the area of a triangle) e) Describe the area under the curve using an integral and solve the integral 2. Derivatives (find dy dx ) a) y=4x 3 b) y=ax b c) y=x -1 d) y=ln(x) e) y=2x 2 ln(x) f) y=4 3. Cost functions If q is the quantity produced and the total cost is represented by TC=a+2bq-cq 2 , a) What is the marginal cost of producing q (MC)? b) What is the average cost of producing q (AC)? 4. Optimization What value of q maximizes the following utility function: U=-q
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