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Eco 312: Maths For Economics Question Paper

Eco 312: Maths For Economics 

Course:Bachelor Of Business Management

Institution: Moi University question papers

Exam Year:2010



ECO 312: MATHS FOR ECONOMICS
CONTINUOUS ASSESSMENT TEST

1. At a price of Sh. 5 per unit, a firm will supply 5000 units of a product every week. But when the price drops to Sh. 3.50 the supply also drops to 2000 units. Determine the equation of the supply function. (8mks)

2. A firm has analyzed its sales and found that its customers will buy 20% more units of its products with each Sh. 2.00 reduction in price. When the price is Sh. 12.00, the firm sells 500 units. What is the equation of the demand function for this product? (8mks)

3. Find the equilibrium price and quantity for the following demand and supply function: (9mks)
2Q + P - 10 = 0
(P^2) - 8Q - 4 = 0
Where Q = Quantity
P = Price.

4. Consider the following demand function.
Q = 400 - 3P + 0.2Y
Given that P = 15 and Y = 5,000
Find
i. Price elasticity of demand
ii. Income elasticity of demand. (5mks)




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