DEPARTMENT OF ECONOMICS, ST.

AUGUSTINE

ECON1003 – Mathematics for Economics I

TUTORIAL SHEET #1
FUNCTIONS AND EQUATIONS
Part A

1) Find the domain of the following function:

h(x) = __√x_+ 2__

x6 – 64

2) Given that a firm has a demand equation q = 3p - 40, for 0 < p < 100, where p represents
price in dollars and q is quantity of units demanded. What is the range of revenue this
firm expects to generate from the sale of its product?

3) A division of Chapman Corporation manufactures a pager. The weekly fixed cost for the
division is $20,000, and the variable cost of producing x pagers/week is
V(x) = 0.000001x3 – 0.01x2 – 50x dollars. The company realizes revenue of
R(x) = -0.02x2 + 150x (0 ≤ x ≤7500)
(a) Find the total cost function
(b) Find the profit function
(c) What is the profit for the company if 2000 units are produced and sold each week?

4) In the market for a good, the equilibrium point occurs when 6095 units are produced at a
price of $12.50. The producer of the good will supply no units at $1 and the consumers
will demand no units if the price is $25. Find the supply equation Qs(p) and demand
equation Qd(p), if they are both linear.

5) Given f(x) = 2𝑥 2 + 2𝑥 − 4 and g(x) = 5x3 – 18x2. Find the following:

(a) (f + g)(x) (b) (f - g)(0) (c) (fg)(x) (d) (gf)(a) (e) h(x) = g(f(x))

6) Find the inverse of the following functions:

𝑥−4 10 √2ℎ−22 3𝑡−1
(a) f(x) = ,𝑥≠ (b) T(h) = (c) G(t) =
3𝑥−10 3 3 (3𝑡+ 1)−1

7) The ratio of working-age population to the elderly in a certain country is given by:
⃓ 𝑡 + 1⃓ 𝑖𝑓 0 ≤ 𝑡 < 4
2
f(t) = { 0.5𝑡 − 3 𝑖𝑓 4 ≤ 𝑡 < 6
15 𝑖𝑓 𝑡 ≥ 6
with t = 0 corresponding to the beginning of 1995
a) Sketch the graph of f(t).
b) What will the ratio be at the start of 2000?
c) Over what years is the ratio constant?
d) In which year would you expect to find F-1(12.1)? Round off to one decimal place.

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8) A consumer’s level of utility from consuming a certain good s is given by the following
function :

U(x) = 1.5x2 - 12 for x > 0

Due to a shift in the consumer’s taste and preferences they will now derive 2 more units
of utility for consuming the same amount of good x as before.
(a) Sketch the original utility function of good x.
(b) Why is it necessary that x > 0?
(c) Determine the new utility function of this company.
(d) Using your graph in (i) sketch the transformed utility function.

Part B

9) Solve 5√𝑧 3 − 4 = 18

10) A certain delivery company has estimated that a van they recently bought for $15,000 has
a maximum useful-life of 12 years.
(i) Determine the value of the van after 8 years if there is no salvage value on the
van?
(ii) Determine the value of the van after 2 years if the salvage value is estimated to be
$2,500?

11) Solve the following equation:

2k – 3 = 8
k k+2

12) Suppose that the cost C(q), in dollars, of producing q lamps is given by
C(q) = 4770 – 87q + 2q2. How many lamps can be purchased for a cost of $5000?

13) A firm’s revenue from the sale of one of its products is given by:
R(q) = 22.2 – 1.2q + 1000q-1 where q represents the level of demand for the product. The
firm’s total cost is given by: C(q) = 0.4q2 + 3q + 40. How many products would the firm
require to produce and sell to break-even?

14) Solve the following:

(a) | -6t + 9| = 5 (b) | x2 + 2x| + 1 = 10 (c) | 3x - 5| = | 5x + 2|

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15) Use Completing the Square to solve: 5q2 + 18q - 35 = 0

16) Determine if (x – 4) is a factor of x3 – 7x2 – 16x + 112. Hence solve the following
equation: x3 – 7x2 – 16x + 150 = 38