Online Assessment 1 Memo.pdf - EECM3714 INTRODUCTORY...

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1 EECM3714: INTRODUCTORY MATHEMATICAL ECONOMICS DEPARTMENT OF ECONOMICS AND FINANCE ONLINE ASSESSMENT 1 (INDIVIDUAL, OPEN BOOK): 01/04/2021 ASSESSOR: Dr G. Mudiriza (0514017102) MODERATOR: Dr D. Ndlovu (0514012764) MARKS : 50; TIME : 150 MINUTES This is an open book class test. This online assessment consists of 16 questions, which are a mix of fillin and short answer questions. INSTRUCTIONS Answer all of the questions. Round off your answers according to the instructions given for each question. Online Assessment 1 1. Suppose that 5? 2 3 ? 1 3 = 0.875 and ? = 2.5? . Solving for ? and ? , the value of ? is [74.636] and for ? is [29.854]. (Note: write your final answers to 3 decimal places do not use the rounded off value of the variable you calculate first to derive the value of the variable you calculate second and when writing your answer use a dot “.” ( e.g. 3.250) instead of comma “,” ( i.e. 3,250). Leave no spaces between digits). [2] 2. Suppose 3? 4 5 ? 1 3 ÷ 5? 1 5 ? 2 3 = 0.24 . Solve for x and write your answer in the space provided below. Ans [? = 2.5?]. [2] 3. Consider the following system of simultaneous equations. 7 ? + 4? + 9? = 0 8? − 3? − 6? = 12 . 2? − ? − 3? = 5 . Using either the substitution or elimination method to solve for the unknowns, the value of x is [1], the value to y is [2] and the value of z is [-5/3]. ( Note: write your final answers as whole numbers or as a fraction (do not convert a fraction in decimals) .[3] 4. The inverse demand for face mask is ? = ??? − ?? 𝒅 , while the inverse supply of face mask is ? = ?? − ??? ? ? ? ? . The equilibrium quantity of face mask is [8] and the equilibrium price of face mask is [68]. (Note: write your answers as whole numbers).[3] 5. The inverse demand for face mask is ? = ??? − ?? 𝒅 +

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