Question 1
Find the slope of the line represented by the equation
0 = 6 + 3x − 2y.
[1] 2
3
[2] 3
2
[3] 3
[4] 2
[5] None of the above.
Question
... [Show More] 2
Consider the demand function
P = 100 − 5Q,
with P being price and Q quantity. Find the price elasticity of demand when Q = 8. Is demand elastic or
inelastic? Justify your answer.
[1] εd = −1,5; demand is elastic; εd < −1
[2] εd = −0,03; demand is inelastic; |εd| < 1
[3] εd = −1,5; demand is elastic; |εd| > 0
[4] εd = 1,5; demand is inelastic; εd > 1
[5] None of the above.
9
Question 3
Given the demand function P = 60 − 0,2Q. What is the arc price elasticity of demand when price decreases
from R50 to R40?
[1] −1
3
[2] 1
3
[3] −3
[4] 3
[5] None of the above.
Question 4
In the following market:
Demand function : Q = 50 − 0,1P
Supply function : Q = −10 + 0,1P
where P and Q are the price and quantity respectively. Calculate the equilibrium price and quantity.
[1] P = 300; Q = 20
[2] P = 200; Q = 30
[3] P = 20; Q = 300
[4] P = 30; Q = 200
[5] None of the above.
Question 5
Determine the value of x that solves the inequality:
−3(x + 1) + 6
x +
1
3
≤ 4
x −
1
2
.
[1] x ≤ −3
7
[2] x ≤ −1
[3] x ≥ 1
[4] x ≤ 1
[5] None of the above.
10
DSC1520/101/3
Question 6
The linear function
2P = 20 − Q
can be graphically represented as:
[1 ] [ 2 ]
[ 3 ] [ 4 ]
[ 5 ] N o n e o f t h e a b o v e .
11
Question 7
Workers at a building site have the option to eat lunch provided by an outside company. When the price
per lunch is R40, there is a demand for 80 lunches. It is known that for each R5 increase in price, demand
decreases by three lunches. Determine the demand function for lunches with quantity demanded (Q) as a
function of price (P).
[1] Q = 104 − 0,6P
[2] Q = 136,67 − 1,67P
[3] Q = 56 + 0,6P
[4] Q = 40 −
3
5
P
[5] None of the above.
Questions 8 and 9 are based on the following information:
The demand and supply functions for accommodation at a B & B are given by
Pd = 952 − 8Q and Ps = 400 + 4Q,
where P is the price per room and Q is the number of rooms occupied. The following graph
represents these functions:
B
A
P
D
Q C
Question 8
The coordinates of the intercepts at A, B and C are
[1] A = (0; 95,2), B = (0; 40), C = (11,9; 0).
[2] A = (0; 100), B = (0; 119), C = (952; 0).
[3] A = (0; 119), B = (0; 100), C = (400; 0).
[4] A = (0; 952), B = (0; 400), C = (119; 0).
[5] none of the above. [Show Less]