PART B:

Question 26.
What is the formula for elasticity of supply if you know the supply function?
Solution:
Elasticity of supply = (pq) (dqdp)

Question 27.
What are the Main menus of MS Word?
Answer:

  1. Home menu
  2. Insert
  3. Page layout
  4. Reference
  5. Review
  6. View
  7. Print layout
  8. Outline
  9. Task pane
  10. Tool bars
  11. Header and footer
  12. Foot notes

Part – C
Answer the following questions in one Paragraph

Question 28.
Illustrate the uses of Mathematical Methods in Economics.
Answer:

  1. Mathematical methods help to present the economic problems in a more precise form.
  2. Mathematical methods help to explain economic concepts.
  3. Mathematical methods help to use a large number of variables in economic analyses.
  4. Mathematical methods help to quantify the impact or effect of any economic activity implemented by government or anybody.

Question 30.
A firm has the revenue function R = 600q – 0.03q2 and the cost function is C = 150q + 60,000, where q is the number of units produced. Find AR, AC, MR and MC.
Solution:
Given:
R = 600q – 0.03q2
C = 150q + 60000

(i) AR = Rq
= 600q−0.03q2q
= 600qq – 0.03q2q
= AR = 600 – 0.0.q

(ii) AC = cq
= 150q+60000q
= 150qq + 60000q
AC = 150 + (60000q)

(iii) MR = drdq
R = 600q – 0.03q
dRdq = 600 (1) – 0.03 (2q)
MR = 600 – 0.06q

(iv) MC = dcdq
C = 150q + 60000
dcdq = 150 (1) + 0
MC = 150

Question 31.
Solve the following linear equations by using Cramer’s rule.
x1 – x2 + x3 = 2
– x1 – x2 – x3 = 0
– x1 – x2 – x3 = – 6
Solution:

= 1 (- 1 – 1) + 1 (- 1 – 1) + 1 (- 1 + 1)
= 1(- 2) + 1 (0)
∆ = – 2 – 2
∆ = – 2 – 2
∆ = – 4

= 2 (- 1 – 1) + 1 (0 + 6) + 1 (0 – 6)
= 2 (- 2) + 1(6) + 1 (- 6)
= – 4 + 6 – 6
∆ = – 4

= 1 (0 – 6) – 2 (- 1 – 1)+1(- 6 + 0)
= 1 (- 6) – 2 (- 2) + 1 (- 6)
= – 6 + 4 – 6
= – 12 + 4
∆x3 = -8

1 (- 6 + 0) + 1 (- 6 + 0) + 2 (- 1 + 1)
= 1 (- 6) + 1 (- 6) + 2 (0)
= – 6 – 6
∆x3 = – 12

Question 32.
If a firm faces the total cost function TC = 5+ x2 where x is output, what is TC when x is 10?
Solution:
Given:
TC = 5 + x2
If x = 10
TC = 5 + 102
= 5 + 100
TC = 105

Question 33.
If TC = 2.5q3 – 13q2 + 50q + 12 derive the MC function and AC function.
solution:
Given:
TC= 2.5q3 – 13q2 + 50q + 12
Marginal cost function
MC = d(TC)dQ
= ddq [2.5q3 – 13q2 + 50q + 12]
= 2.5 (3q2) – 13 (2q) + 50 (1) + 0
MC = 7.5q – 26q + 50
Average cost AC =TCq
= 2.5q3−13q2+50q+12q
= 2.5q3q – 13q2q + 50qq + 12q
AC = 2.5q – 13q + 50 + 12q

Question 34.
What are the steps involved in executing a MS Excel Sheet?
Answer:
MS excel is used in data analysis by using formula. A spread sheet is a large sheet of paper which contains rows and columns.
To start a excel there are various options.
Click Start → Program → Microsoft Excel
Double click the MS Excel Icon from the Desktop.

Part – D
Answer the following questions in about a page