Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
ECON131  Quiz Week 11
Student Name: _
Student ID:
_
Tutorial Day & Time: _
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Question 1
The sales of a new magazine are predicted by the equation
where S i
Econ131 Formulas
Demand & Supply
P = mQ + C (where P is Price, Q is Quantity)
Demand & Supply with Tax
(P t) = mQ + C (where t is tax)
Budget Line
M = x.Px + y.Py (where M is Income, Px is Price of x, Py is Price of y, x and y are quantities)
Breakeven
T
SECTION A
Question 1:
Using factorization, solve for x where x2 + 6x + 5= 0
Question 2:
The supply and demand of widgets are given by the equations:
QS 15P 30
QD 300 10P
Suppose the government imposes a $6 per unit tax on sellers.
Find the equilibrium pri
ECON131 QUANTITATIVE METHODS IN ECONOMICS, BUSINESS & FINANCE
Solutions for Week 11
Question 1
Write down expressions for the first and second order partial derivatives for:
a. z x 2 4 y5
b. z 3x3 2e y
c. z xy 6 y
d. z x6 y 2 5 y3
Answer:
z x2 4 y5
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Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
ECON131
QUANTITATIVEMETHODSINECONOMICS,BUSINESS&FINANCE
TutorialforWeek4
(WeekbeginningMonday22ndAugust,2016)
Topic:
QuadraticEquations
Question1
Inthefollowingquestion,usethefactthatthesolutionstoax2+bx+c=0aregivenby
x
b b 2 4ac
2a
a) Solveforx24x+5=0us
Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
Chapter 7
Matrices
Roselyne Joyeux
1
Chapter Outline
Basic Matrix Algebra
Matrix Inversion
2
Application to solving systems of linear equations
Matrix Algebra: Definitions
A matrix consists of a rectangular array of parameter.
a11
a
21
A .
.
am1
a12
a
Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
Chapter 1 Linear Equations
Text book: Sections 1.3 to 1.7
1
Graphs of linear equations
coordinates
(5, 6)
yaxis
=6
=5
origin
Figure 1.1
2
xaxis
Linear equation forms
The general equation of a straight line takes the form:
for some given numbers d, e, an
Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
Chapter 5
Functions with more than one variable
Partial differentiation
Roselyne Joyeux
1
Chapter Outline
Section 5.1, 5.2, 5.4 to 5.6 of Jacques (not 5.3)
Definition of a function with more than one variable
Graphs of functions with two variables
Partial
Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
EXCEL
Spreadsheets provide a convenient way of solving a range of problems in economics and business.
We present a collection of examples linked to the material in specific sections of the textbook. Each
of these is followed by a practice problem for you
ECON131 QUANTITATIVE METHODS IN ECONOMICS, BUSINESS & FINANCE
Tutorial for Week 3 Solutions
1. Suppose that the supply and demand functions of a good are given by:
Supply:
Demand:
a) Transpose the formulae for supply and demand to express price as a funct
ECON131 QUANTITATIVE METHODS IN ECONOMICS, BUSINESS & FINANCE
Solutions for Week 5
Question 2
A production function, for production output, Q, is given by:
Q 2L1/2 K 2/3
This is a CobbDouglas Production Function, where labour is L and capital is K.
a. Fi
ECON131 QUANTITATIVE METHODS IN ECONOMICS, BUSINESS & FINANCE
Tutorial for Week 7
Question 1.
For each of the following functions find the maximum and/or minimum (remember to check
the second order condition) and sketch a graph of the function:
a) y = x2
ECON131 QUANTITATIVE METHODS IN ECONOMICS, BUSINESS & FINANCE
Tutorial for Week 6
Question 1.
Suppose you put $100 in a bank which offers an annual interest rate of 5%. How much do
you have after 5 years? After ten years?
Answer:
(
)
(
)
Question 2.
Suppo
ECON131 QUANTITATIVE METHODS IN ECONOMICS, BUSINESS & FINANCE
Tutorial for Week 4
Question 1
Suppose that:
C = 0.8Y + 500
I = 10 r + 4500
L1 = 0.1Y
L2 = 5 r + 800
(a) Suppose that Y =C+I . Use this to show that 0.2Y +10 r = 5000. Lets call this the IS lin
ECON131 QUANTITATIVE METHODS IN ECONOMICS, BUSINESS & FINANCE
Solutions for Week 9
Question 1
Suppose that production is determined by Q 5 L 1, demand is given by Q 20 P, and,
there is no fixed cost and the perunit cost of labour, the wage rate, is w 2.
Planet Issues Food Production
1. There is a list on iLearn where each student has been designated a unique
country:
a. What is your designated country?
Yemen
b. Provide the flag and a map of your country.
c. What is the most recent estimated population of
Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
Print Assignment: Practice Questions Week 2 S1 2016 :
Page 1 of 15
1. *Q01 Arithmetic operations
Simplify each of the following:
http:/edugen.wileyplus.com/edugen/shared/assignment/test/agprint.uni?numberQuest=. 8/03/2016
Print Assignment: Practice Questi
Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
Print Assignment: Practice Questions Week 4 S1 2016 :
Page 1 of 10
1. Q01 Properties and graphs of quadratic functions: f (x) = ax2 + bx + c
Match each of the following plots to its equation:
http:/edugen.wileyplus.com/edugen/shared/assignment/test/agprin
Quantitative Methods in Economics, Business and Finance
ECON 131

Fall 2014
ECON131
QUANTITATIVE METHODS IN ECONOMICS, BUSINESS & FINANCE
Tutorial for Week 2
(Week beginning Monday 6th March, 2017)
1. Multiply out the brackets and simplify the following algebraic expressions:
(a) 4 y 5z 2 x y 3z
(b) 2 x 10 x 2 y 1 x 1
4
(c) ( 3