EEP 101/ECON 125 January 23rd 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 dydx) a)y=4x3b)y=axbc)y=x-1d)y=ln(x) e)y=2x2 ln(x) f)y=4 3.Cost functions If q is the quantity produced and the total cost is represented by TC=a+2bq-cq2, 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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