Lahore School of Economics

MBA-I for Professionals

Business Mathematics and Statistics

Winter 2015

Name:______________________

Section:_______________

Date:______________________

Score:________________
Quiz 3

Note: Solve all questions using Cramers rule or Inverse method.

Q.1: Tickets to a concert cost either $12 or $15. A total of 300 tickets are sold, and the total
receipts were $4140. How many of each kind of ticket were sold?

Q.2: $5000 is divided between two accounts, one paying

interest and the other paying
interest. At the end of one interest period, the interest earned by the
account exceeds the
interest earned by the
account by $50. How much was invested in each account?

Q.3: A company produces three products, each of which must be processed through three
departments. The following table summarizes the labor-hours required per unit for each product
in each department. The monthly labor-hour capacities for three departments are 1500,1200 and
1800 hours respectively. Determine whether there is a combination of three products which could
be produced monthly so as to consume the full monthly labor availabilities of all departments.
Department
A
B
C

Product 1
4
4
2

Product 2
2
2
4

Product 3
5
3
2

Lahore School of Economics

MBA-I for Professionals
Business Mathematics and Statistics
Name:______________________

Winter 2015
Section:_______________

Date:______________________

Score:________________
Quiz 3

Note: Solve system of linear equation questions using Cramers rule or Inverse method.

Q.1: A company produces three products, each of which must be processed through one
departments. The following table summarizes the labor-hours and raw material requirements per
unit for each product in each department. Each month there are 1200 labor-hour and 4000
pounds of raw materials available. If combined monthly production for the three products should
equal 500 units , determine whether there is a combination of three products which could exhaust
the monthly availabilities of labor and raw material and meet the production goal of 500 units.
Department
Labour-hours/unit
Production of raw
material/unit

Product 1
5
12

Product 2
1
8

Product 3
3
10

Q.2: An investor has $600,000 dollars to spend . Tree investments are being considered, each
having an expected annual interest rate. The interest rates are 10, 15 and 12 percent respectively.
The investor goal is an average annual return of 13 percent in the three investments. Because the
higher return on investment 2, the investor wants the amount in this alternative to equal 50
percent of the total investment. Determine whether there is a meaningful strategy which will
satisfy these requirements.

Q.3: A stockbroker sold a customer 100 shares of stock A, 200 shares of stock B, 400 shares of
stock C and 250 shares of stock D. The prices per share of A, B, C and D are $50, $100, $150
and $200 respectively. Write a row vector representing the number of shares bought. Write a
column vector the price per share of each stock. Using matrix multiplication, find the total cost
of the stocks.