Guidelines for reviewing final exams

Cấu trúc đề tự luận môn Toán kinh tế

10 điểm bao gồm 2 điểm dễ, 7 điểm trung bình và 1 điểm khó hoặc rất khó
Thời gian làm bài: 75 phút
Tài liệu: sách in có bản quyền, vở và giấy ghi chép viết tay (không photocopy).

Chương Ma trận (3 điểm)

Bài toán thực tiễn liên quan đến ma trận hoặc hệ phương trình
Có thể là cân bằng thị trường (equilibrium price or quantity) hoặc IS-LM hoặc mô
hình Input/Output

Một số bài luyện tập

Exe: The demand and supply functions of a good are given by 𝑃 = −4𝑄! + 120, 𝑃 =
"
𝑄 + 29 where 𝑃, 𝑄! and 𝑄$ denote the price, quantity demanded and quantity
# $
supplied, respectively.
a. Calculate the equilibrium price and quantity
b. Calculate the new equilibrium price and quantity. After the imposition of a fixed
tax of $13 per good, who pay the tax?

Exe: The demand and supply functions for two interdependent commodities are given
by 𝑄!! = 40 − 5𝑃" − 𝑃% , 𝑄!" = 50 − 2𝑃" − 4𝑃% , 𝑄$! = −3 + 4𝑃" , 𝑄$" = −7 + 3𝑃% where
𝑄!# , 𝑄$# , and 𝑃& denote the quantity demanded, quantity supplied and price of good i,
respectively. Determine the equilibrium price and quantity for this two-commodity
model. Are these goods substitutable or complementary?

Exe: Given that 𝐺 = 40, 𝐼 = 55, 𝐶 = 0.8𝑌' + 25, 𝑇 = 0.1𝑌 + 10. Calculate the
equilibrium level of national income.

Exe: Determine the equilibrium income and interest rate given the following information
about the commodity market: 𝐶 = 0.8𝑌 + 100, 𝐼 = −20𝑟 + 1000 and the money-
market: 𝑀$ = 2375, 𝐿" = 0.1𝑌, 𝐿% = −25𝑟 + 2000. What etect would a decrease in the
money supply have on the equilibrium levels of Y and r?

Exe: Determine the equilibrium income, Y, and the interest rate, r, given the following
information about the commodity market 𝐶 = 0.7𝑌 + 85, 𝐼 = −50𝑟 + 1200 and the
money market 𝑀$ = 300, 𝐿" = 0.2𝑌, 𝐿% = −40𝑟 + 30. Sketch the IS and LM curves on
the same diagram. What etect would an increase in the value of autonomous
investment have on the equilibrium values of Y and r.
 Exe: Suppose that an economy is divided into three sectors –manufacturing,
agriculture, and services. For each unit of output, manufacturing requires .10 unit from
other companies in that sector, .30 unit from agriculture, and .30 unit from services. For
each unit of output, agriculture uses .20 unit of its own output, .60 unit from
manufacturing and .10 unit from services. For each unit of output, the services sector
consumes .10 unit from services, .60 unit from manufacturing, but no agricultural
products.
a) Construct the consumption matrix C for this economy.
b) If agriculture plans to produce 100 units, determine what intermediate
demands are created.
c) Determine what intermediate demands are created if manufacturing plans to
produce 80 units.
d) If agriculture plans to produce 100 units, manufacturing plans to produce 80
units, service plans to produce 60 units, determine what intermediate
demands are created.
e) If agriculture plans to produce x1 units, manufacturing plans to produce x2
units, service plans to produce x3 units, determine what intermediate
demands are created
f) Determine the production levels needed to satisfy a final demand of 18 units
for manufacturing, 18 units for agriculture, and 0 units for services.
.0 .5 50
Exe: Repeat the previous exercise with 𝐶 = 9 ;, 𝑑 = 9 ;
.6 .2 30
Determine the production levels needed to satisfy the final demand.

Chương Vector 1 điểm

Bài toán liên quan đến vector, độc lập tuyến tính, phụ thuộc tuyến tính, hạng của hệ
vector, tọa độ.

Một số bài luyện tập

2 1 −7
Exe: Given a set of vectors: 𝑢 = >−2? , 𝑣 = >−3? , 𝑤 = > 5 ?
1 2 4
a) Verify if {𝑢, 𝑣, 𝑤 } is linearly independent.
b) Find 𝛼, 𝛽 such that u is a linear combination of v and w: 𝑢 = 𝛼𝑣 + 𝛽𝑤
−1
c) Let 𝑡 = > 2 ?. Find 𝛼, 𝛽, 𝛾 such that t is a linear combination of u, v, and w: 𝑡 = 𝛼𝑢 +
4
𝛽𝑣 + 𝛾𝑤. Is the set of vectors {𝑢, 𝑣, 𝑤, 𝑡} linearly dependent?
1 3 10 −7
Exe: Given a set of vectors I𝑣" = >0? , 𝑣% = >1? , 𝑣# = > 4 ? , 𝑣( = >−3?J
2 1 0 1
a) By using the determinant, check if {𝑣" , 𝑣% , 𝑣# } is linearly independent.
b) Check if {𝑣" , 𝑣% , 𝑣( } is linearly independent.
 c) Find rank the set of vectors {𝑣" , 𝑣% , 𝑣# , 𝑣( } (rank is the maximal number of
linearly independent vectors in this set).

Chương Đạo hàm (2 điểm)

Ý nghĩa kinh tế của đạo hàm
Sử dụng đạo hàm để tối ưu hàm số kinh tế

Một số bài luyện tập

Question. A supply function is given by 𝑄 = 40 + 0.1𝑃% .

a. Which one of the following is the expression for price elasticity of supply at a point
(𝑃) , 𝑄) )?
* + * ∆+
A. + ∙ 0.2𝑃) B. *$ ∙ 0.2𝑃 C. +$ ∙ 0.2𝑃) D. ∆*
$ $
b. Suppose that at point (𝑃) , 𝑄) ) the price elasticity of supply equals 2.1. Which one of
the following statements is the most suitable?
A. At the price of 𝑃) + 1, the corresponding supply can be approximated by the
quantity of 𝑄) + 2.1
B. At the price of 𝑃) (1 + 0.01), the corresponding supply can be approximated by
the quantity of 𝑄) (1 + 0.021)
C. At the price of 𝑃) + 1% ∙ 𝑃) , the corresponding supply can be approximated by
the quantity of 𝑄) − 2.1% ∙ 𝑄)
D. At the price of 𝑃) + 1%, the corresponding supply can be approximated by the
quantity of 𝑄) + 2.1%

Question. A manufacturer has fixed costs of $150 each week, and the variable costs per
unit can be expressed by the function, 𝑉𝐶 = 2𝑄 − 36.
a. Which one of the following expressions is for the total cost function?
"-)
A. 150𝑄 + (2𝑄 − 36) B. 𝑄(2𝑄 − 36 + + )
C. (2𝑄 − 36) ∙ 150 D. −150 + 2𝑄% − 36𝑄
b. Find the stationary point of the total cost function.
#.
A. 𝑄 = 9 B. 𝑄 = 18 C. 𝑄 = "-% D. 𝑄 = 3

"
Question. The supply and demand equations of a good are given by 𝑃 = % 𝑄$ + 25 and
𝑃 = −2𝑄! + 50, respectively. The government decides to impose a tax, t, per unit.
a. Suppose that the supply and demand functions are graphed on the coordinate plane.
The horizontal axis is labeled quantity, the vertical axis is labeled price. When the
government impose the tax, which one of the following statements is true?
A. The graph of the supply function is shifted up t units, new equation is 2𝑃 − 𝑄$ −
50 − 2𝑡 = 0.
B. The graph of the supply function is shifted to the right t units, new equation is 𝑃 =
"
(𝑄$ + 𝑡) + 25.
%
 C. The graph of the supply function is shifted down t units, new equation is 𝑃 − 𝑡 =
"
𝑄 + 25.
% $
D. The graph of the supply function is shifted to the left t units, new equation is 𝑃 =
"
(𝑄$ + 𝑡) + 25.
%

b. Which expression is the government’s total tax revenue on the assumption that
equilibrium conditions prevail in the market.
A. −0.4𝑡 + 10𝑡 % B. −0.4𝑡 % + 10𝑡 C. 0.4𝑡 % − 10𝑡 D. 0.4𝑡 + 10𝑡 %

Exe: A monopolist’s demand function is given by 𝑃 + 𝑄 = 100. Write down expression

for TR and MR in terms of Q and sketch their graphs. Find the value of Q which gives a
marginal revenue of zero and comment on the significance of this value.

"-
Exe: If the average cost function of a good is 𝐴𝐶 = +
+ 2𝑄 + 9, find an expression for
TC. What are the fixed costs in this case? Write down an expression for the marginal
cost function.

Exe: If the consumption function is 𝐶 = 50 + 2√𝑌, calculate MPC and MPS when 𝑌 =
36 and give an interpretation of these results.

Exe: A firm’s demand function is given by 𝑃 = 100 − 4R𝑄 − 3𝑄

a. Write down an expression for total revenue, TR, in terms of Q.
b. Find an expression for the marginal revenue, MR, and find the value of MR when
Q = 9.
c. Use the result of part b. to estimate the change in TR when Q increases by 0.25
units from its current level of 9 units and compare this with the exact change in
TR.

Exe: If the supply function equation is 𝑄 = 150 + 5𝑃 + 0.1𝑃% , calculate the price
elasticity of supply
a. averaged along an arc between 𝑃 = 9 and 𝑃 = 11;
b. at the point 𝑃 = 10

Exe: Find the elasticity for the demand function 𝑄 = 80 − 2𝑃 − 0.5𝑃% averaged along an
arc joining 𝑄 = 32 to 𝑄 = 50. Give your answer to 2 decimal places.

Exe: A supply function is given by 𝑄 = 40 + 0.1𝑃%

a. find the price elasticity of supply averaged along an arc between 𝑃 = 11 and 𝑃 =
13. Give your answer correct to three decimal places.
b. Find an expression for price elasticity of supply at a general point, P. Hence
i. Estimate the percentage change in supply when the price increases by 5%
from its current level of 17. Give your answer correct to one decimal place.
 ii. Find the price at which supply is unit elastic.

Exe: The demand equation of a good is given by 𝑃 + 2𝑄 = 20, and the total cost
function is 𝑄# − 8𝑄% + 20𝑄 + 2
a. Find the level of output that maximizes total revenue.
b. Find the maximum profit and the value of Q at which it is achieved. Verify that, at
this value of Q, MR = MC.
"
Exe: The supply and demand equations of a good are given by 𝑃 = % 𝑄$ + 25 and 𝑃 =
−2𝑄! + 50, respectively. The government decides to impose a tax, t, per unit. Find the
value of t which maximizes the government’s total tax revenue on the assumption that
equilibrium conditions prevail in the market.

Exe: A manufacturer has fixed costs of $200 each week, and the variable costs per unit
can be expressed by the function, 𝑉𝐶 = 2𝑄 − 36.
a. Find an expression for the total cost function and deduce that the average cost
%))
function is given by 𝐴𝐶 = + + 2𝑄 − 36
b. Find the stationary point of this function and show that this is a minimum.
c. Verify that, at this stationary point, average cost is the same as marginal cost.

Exe: An electronic components firm launches a new product on 1 January. During the
following year a rough estimate of the number of orders, S, received t days after the
launch is given by 𝑆 = 𝑡 % − 0.002𝑡 # . What is the maximum number of orders received
on any one day of the year?

Chương Đạo hàm nhiều biến (3 điểm)

Sử dụng đạo hàm để tối ưu hàm kinh tế hai biến không có ràng buộc
Sử dụng đạo hàm tối ưu hàm kinh tế hai biến có ràng buộc
Phương pháp Lagrange

Một số bài luyện tập

Question. An individual’s utility function is given by 𝑈 = 𝑥" 𝑥% where 𝑥" and 𝑥% denote
the number of items of two goods, G1 and G2. The prices of the goods are $2 and $10,
respectively. Assuming that the individual has $400 available to spend on these goods.
a. Suppose that we want to maximize the utility function by using the method of
Lagrange multiplier. Which one of the following expressions is the Lagrangian function?
A. 𝐿(𝑥" , 𝑥% , 𝜆) = 𝑥" 𝑥% + 𝜆(2𝑥" + 10𝑥% − 400)
B. 𝐿(𝑥" , 𝑥% , 𝜆) = 2𝑥" + 10𝑥% + 𝜆𝑥" 𝑥%
C. 𝐿(𝑥" , 𝑥% , 𝜆) = 2𝑥" + 10𝑥% + 𝜆(𝑥" 𝑥% − 400)
D. 𝐿(𝑥" , 𝑥% , 𝜆) = 𝜆𝑥" 𝑥% + 2𝑥" + 10𝑥% − 400

b. Calculate the ratio of marginal utility to price for the good 𝐺" at the optimum.
A. 2 B. 5 C. 10 D. 13
 Exe: Show that the following production function is homogeneous and state whether it
displays decreasing, increasing or constant returns to scale. 𝑓(𝐾, 𝐿) = (𝐾 % + 𝐿% )𝑒 //1

Exe: Use Lagrange multipliers to optimize 2𝑥 % − 𝑥𝑦 subject to 𝑥 + 𝑦 = 12

A monopolistic producer of two goods, G1 and G2, has a joint total cost function 𝑇𝐶 =
10𝑄" + 𝑄" 𝑄% + 10𝑄% where 𝑄" and 𝑄% denote the quantities of G1 and G2 respectively.
If 𝑃" and 𝑃% denote the corresponding prices, then the demand equation are 𝑃" = 50 −
𝑄" + 𝑄% , 𝑃% = 30 + 2𝑄" − 𝑄% . Find the maximum profit if the firm is contracted to
produce a total of 15 goods of either type. Estimate the new optimal profit if the
production quota rises by 1 unit.

Chương Tích phân (1 điểm)

Ứng dụng của tích phân trong kinh tế

Một số bài luyện tập

Question. The number of units, N, produced each hour by a new employee after t hours
'2
on the job satisfies '3 = 8𝑒 4).%3 . Assuming that she is unable to produce any goods at
the beginning of her shift.
a. Calculate how many goods she can produce per hour after eight hours. Round the
answer to an integer.
A. 32 B. 34 C. 36 D. 38
b. How many units per hour will she be able to produce in the long run?
A. 36 B. 38 C. 40 D. 42

Question. Given the demand function 𝑃 = 53 − 𝑄!% and supply function 𝑃 = 3 + 𝑄$% .
Assuming pure competition,
a. Find the equilibrium price and quantity (𝑃) , 𝑄) ) of the market.
A. (4, 19) B. (5, 28) C. (12, 3) D. (28, 5)
b. Which one of the followings describes the producer’s surplus?
+ +
A. ∫* $ (3 + 𝑄% )𝑑𝑄 − 𝑃) 𝑄) B. ∫) $ (53 − 𝑄% )𝑑𝑄 − 𝑃) 𝑄)
$
) +
C. ∫+ (53 − 𝑄% )𝑑𝑄 − 𝑃) 𝑄) D. − ∫) $ (3 + 𝑄% )𝑑𝑄 + 𝑃) 𝑄)
$