TUTORIAL SHEETS GSB
1. Find the 100th in the following sequences:
a) 81, 54, 36, ……
b) 180, 175, 170, ……
c) 2, 7, 12, 17, ……
d) 5, 10, 20, 40, …….
2. Solve each of the following equations:
a) x3 + x2 − x − 1 = 0
b) 2x 3 + 3x 2 − 3x = 2
c) x 3 + 6x 2 + 5x − 2 = 0
3. Differentiate the functions
a) y = x 3 + 60x
!! "#
b) y = !""$!
#
c) y = (2x % + 4x)"
%!&' %
d) y=, -
#!"$
4. What is the slope of the function y = 12 + 0.5x 4 when x = 5?
5. Find ∂y/∂x and ∂y/∂z when
a) y = 6 + 3x + 16z + 4x # + 2z #
b) y = 14x 3 z 2
c) y = 9 + 4xz − 3x − 2z 3
6. Derive a formula for the slope of the function y = 4 + 4x−1 − 4x.
7. Derive the four second-order partial derivatives for the production function:
Q = 6K + 0.3K 2 L + 1.2L2
8. What is the slope of the function y = 4x0.5 when x = 4?
9. Differentiate the function y = 25 − 0.1x −2 + 2x 0.3 .
10. Given the demand function q = 150 − 3p derive a function for MR.
11. A firm faces the demand function q = 40 − p!.# (where p0.5 ≥ 0, q ≤ 40) and the
cost schedule 𝑇𝐶 = 𝑞$ − 2.5𝑞% + 50𝑞 + 16. What price should it charge
to maximize profit?
12. Derive the MR function for the demand function q = (60 − 2.5p)0.5
13. A monopoly faces the following TR and TC schedules:
TR = 300q − 2q2
TC = 12q3 − 44q2 + 60q + 30
What output should it sell to maximize profit?
14. A firm faces the demand schedule p = 190 − 0.6q and the total cost function 𝑇𝐶 = 40 + 30𝑞 +
0.4𝑞2 .
a) What output will maximize profit?
b) What output will maximize total revenue?
c) What will the output be if the firm makes a profit of £4,760?
15. Find the output where profit be maximized for a firm with the total revenue
and total cost functions
TR = 52q − q"
q#
TC = − 2.5q" + 34q + 4
3
16. If TC = 65 + q1.5 what is MC when q = 25?
17. Derive an expression for MC if 𝑇𝐶 = 4𝑞3 − 20𝑞2 + 60𝑞 + 40.
18. If 𝑇𝐶 = 0.5𝑞3 − 3𝑞2 + 25𝑞 + 20 derive functions for:
a) MC
b) AC
c) the slope of AC.
19. A firm produces two products which are sold in separate markets with the
demand schedules
P' = 210 − 0.4q#'
P# = 491 − 6q#
Production costs are related, and the firm’s total cost schedule is
TC = 32 + 0.8q#' + 0.7q## + 0.1q' q#
How much should the firm sell in each market to maximize total profits?
20. A company produces two competing products whose demand schedules are
q' = 219 − 1.8p' + 0.5p#
q# = 303 − 2.1p# + 0.8p'
What price should it charge in the two markets to maximize total sales revenue?
21. If a firm has a budget of £378 what combination of K and L will maximize output given the
production function Q = 40K 0.6 L0.3 and prices for K and L of £20 per unit and £6 per unit
respectively?
22. A firm faces the production function Q = 6K (.* L(.$ . If it can buy input K at £32 a unit and input L
at £8 a unit, what combination of L and K should it use to maximize production if it is constrained
by a fixed budget of £36,000?
23. A consumer spends all her income of £120 on the two goods A and B. Good A costs £10 a unit
and good B costs £15. What combination of A and B will she purchases if her utility function is
U = 4A(.$ B(.$ ?
24. If a firm faces the production function Q = 4K (.$ L(.$ what is the maximum output, it can produce
for a budget of £200 if the price of K is £4 per unit and L costs £2 per unit?
25. A firm operates with the production function Q = 30K (.* L(.# and buys inputs K and L at £12 per
unit and £5 per unit respectively. What is the cheapest way of producing 750 units of output?
(Work to nearest whole units of K and L.)
