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BS 140 Classwork Four 2020 - 2021

This document contains 7 questions regarding mathematical analysis of simultaneous equations, demand and supply functions, and equilibrium price and quantity. The questions cover topics like solving systems of equations, calculating equilibrium using demand and supply functions, analyzing the impact of price ceilings and taxes, finding consumer and producer surplus, and determining break-even points for total revenue and cost.

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78 views3 pages

BS 140 Classwork Four 2020 - 2021

This document contains 7 questions regarding mathematical analysis of simultaneous equations, demand and supply functions, and equilibrium price and quantity. The questions cover topics like solving systems of equations, calculating equilibrium using demand and supply functions, analyzing the impact of price ceilings and taxes, finding consumer and producer surplus, and determining break-even points for total revenue and cost.

Uploaded by

Yvonne
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1

THE COPPERBELT UNIVERSITY

SCHOOL OF BUSSINESS
BS/BF/BSP/BEC/HRM/BIS 140 Mathematical Analysis
-
ACADEMIC YEAR 2020 - 2021
WORKSHEET FOUR
SIMULTANEOUS EQUATIOUS
QUESTION ONE
Solve the following equations
(a)
2𝑥 + 𝑦 − 𝑧 = 4
𝑥+𝑦−𝑧 = 3
2𝑥 + 2𝑦 + 𝑧 = 12
(b)
4𝑥 + 𝑦 + 3𝑧 = 8
−2𝑥 + 5𝑦 + 𝑧 = 4
3𝑥 + 2𝑦 + 4𝑧 = 9
(c)
2𝑥 + 2𝑦 − 5𝑧 = −5
𝑥−𝑦+𝑧 = 3
−3𝑥 + 𝑦 + 2𝑧 = −2

Tailoka Frank Patson Mathematical Analysis Academic Year 2020 - 2021


2

QUESTION TWO
The demand and supply functions for a good are given as
Demand function: 𝑃𝑑 = 100 − 0.5𝑄𝑑
Supply function: 𝑃𝑠 = 10 + 0.5𝑄𝑠
(a) Calculate the equilibrium price and quantity algebraically and graphically.
(b) Analyze the effect of the introduction of a price ceiling of 40 in this market.
(c) Calculate the profit made by black marketers if a black market operated in this
market.
(d) Assume that the government imposes a fixed tax of 6 per unit sold.
(i) Write down the equation of the supply function adjusted for tax
(ii) Find the new equilibrium price
QUESTION THREE
The labour demand and supply functions are given as
Labour demand function: 𝑊𝑑 = 9 − 0.6𝐿𝑑
Labour supply function: 𝑊𝑠 = 2 + 0.4𝐿𝑠
(a) Calculate the equilibrium wage and equilibrium number of workers algebraically
and graphically. (In this example 1 worker ≡ 1 unit of colour)
(b) Analyze the effect on the labour market if the government introduces a minimum
wage law of 6 per hour.
QUESTION FOUR
Find the equilibrium price and quantity for two substitute goods X and Y given their
respective demand and supply equations as,
𝑄𝑑𝑥 = 82 − 3𝑃𝑥 + 𝑃𝑦

𝑄𝑠𝑥 = −5 + 15𝑃𝑥
𝑄𝑑𝑦 = 92 + 2𝑃𝑥 − 4𝑃𝑦

𝑄𝑠𝑦 = −6 + 32𝑃𝑦

Tailoka Frank Patson Mathematical Analysis Academic Year 2020 - 2021


3

QUESTION FIVE
The demand and supply function for a good are given as
Demand function: 𝑃𝑑 = 450 − 2𝑄𝑑
Supply function: 𝑃𝑠 = 100 + 5𝑄𝑠
(a) Calculate the equilibrium price and quantity algebraically and graphically.
(b) The government provides a subsidy of 70 per unit (ton) sold.
(i) Write down the equation of the supply function adjusted for the
subsidy
(ii) Find the new equilibrium price and quantity algebraically and
graphically
(iii) Outline the distribution of the subsidy, that is calculate how much
of the subsidy is received by the consumer and the supplier.
QUESTION SIX
The total revenue and the total cost functions are given as follows
𝑇𝑅 = 3𝑄
𝑇𝐶 = 10 + 2𝑄
(a) Calculate the equilibrium quantity algebraically and graphically at the break -
even point.
(b) Calculate the value of the total revenue and total cost at the break – even point.
QUESTION SEVEN
The demand and supply functions of a good (shirts) are given as
Demand function: 𝑃 = 60 − 0.6𝑄
Supply function: 𝑃 = 20 + 0.2𝑄
(a) Calculate the equilibrium price and quantity for shirts algebraically and
graphically.
(b) Calculate the values of consumer and producer surplus at market equilibrium.
Illustrate CS and PS on the graph in (a).
(c) What is the value of the total surplus?

Tailoka Frank Patson Mathematical Analysis Academic Year 2020 - 2021

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