# Elementary Mathematical Techniques For Economics

Instructor: Ram Sewak Dubey ECON 317: Problem Set 1 September 18, 2018

1. [Basic Algebra-I]

Don't use plagiarized sources. Get Your Custom Essay on
Elementary Mathematical Techniques For Economics
Just from \$10/Page

(a) A person buys q1, q2, q3 and q4 units of four goods whose prices per unit are, re- spectively, \$1, \$2, \$3 and \$4. What is the total expenditure? What will be the total expenditure if the prices change to \$4, \$3, \$2 and \$1 per unit respectively?

(b) A rental car costs \$20 per day in fixed charges and \$ 0.75 per mile. How much must the consumer pay for the month of September 2018 when she drives x miles per day during the month.

(c) A company has fixed costs of 50000 dollars per year and variable costs of 50 dollars per unit produced. Find an expression for the total cost per unit (total average cost) incurred by the company if it produces 1000 units in one year. What is the average variable cost incurred by the company?

(d) A person has an annual salary of \$ 60000 and then receives a raise of 5% followed by a further increase of 10%. What is the person’s new yearly salary? What will be the new salary if she receives a raise of 10% followed by a further increase of 5%. How do the two answers compare? Explain.

2. [Basic Algebra – II]

(a) Prove that

a+ a · p 100

− ( a+ a·p100

) · p

100 can be written as

a [

1− ( p

100

)2] .

(b) An item initially costs \$200 and then its price is lowered by 10%. Afterwards the price is increased by 10%. What is the final price?

(c) An item initially costs \$a and then its price is lowered by p%. Afterwards the (new) price is increased by p%. What is the final price? After solving this problem, look at the expression in part (a).

(d) What is the result if one first increases the price by p% and then lowers the (new) price by p%

3. [Basic Algebra- III]

Which of the following equations are functions and why?

Submission deadline: 11:59pm, September 26, 2018 Page 1 of 3

Instructor: Ram Sewak Dubey ECON 317: Problem Set 1 September 18, 2018

(a) y =−5x+10,

(b) (2y)2 = x,

(c) y = 25×2,

(d) y =−5×2 +10x+25,

(e) x2

36 +

y2

64 = 1,

(f) x = 10.

4. [Basic Algebra- IV]

Solve the following equations for the variables specified.

(a)

x = 1 3 (y−3)+3y, for y.

(b) −ax+b = cx+d, for x.

(c) KL

1 2 = Y0, for L.

(d) px+qy = n, for y.

(e) 1 r +a 1 r −b

= c, for r.

Submission deadline: 11:59pm, September 26, 2018 Page 2 of 3

Instructor: Ram Sewak Dubey ECON 317: Problem Set 1 September 18, 2018

(f) Y = a(Y − tY − k)+b+ I0 +G+ cY, for Y.

5. [Basic Algebra- V]

Solve the following pair of simultaneous equations for x and y.

ax+(1−b)y =C

and

bx+(1−a)y = D.

Submission deadline: 11:59pm, September 26, 2018 Page 3 of 3

Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

We value our customers and so we ensure that what we do is 100% original..
With us you are guaranteed of quality work done by our qualified experts.Your information and everything that you do with us is kept completely confidential.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

The Product ordered is guaranteed to be original. Orders are checked by the most advanced anti-plagiarism software in the market to assure that the Product is 100% original. The Company has a zero tolerance policy for plagiarism.

### Free-revision policy

The Free Revision policy is a courtesy service that the Company provides to help ensure Customer’s total satisfaction with the completed Order. To receive free revision the Company requires that the Customer provide the request within fourteen (14) days from the first completion date and within a period of thirty (30) days for dissertations.

The Company is committed to protect the privacy of the Customer and it will never resell or share any of Customer’s personal information, including credit card data, with any third party. All the online transactions are processed through the secure and reliable online payment systems.

### Fair-cooperation guarantee

By placing an order with us, you agree to the service we provide. We will endear to do all that it takes to deliver a comprehensive paper as per your requirements. We also count on your cooperation to ensure that we deliver on this mandate.

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors: