# 4 calculation questions about Mathematical Economics

*label*Business Finance

*timer*Asked: Oct 1st, 2018

*account_balance_wallet*$15

**Question description**

There have 4 questions about mathematical Economics, please finish it on time.

Please ensure the accuracy of the answer.

Have to finish it in 12 hours.

## Tutor Answer

Here is your assignment :).

Due in class on October 5th (Thursday) in the class

Question 1 (6 points)

A. Give an example of each of the following. You can answer this by drawing rough graphs

and givingan explanation in one line in each case (3points).

1. y is function of x, but x is not a function of y.

Answer:

y=x2 +6; for every x value, y has only one value.

X is not a function since; x=β(y-6) ,an equation that yields more than 1 values for x; thus,

x is not a function of y

2. y is not a function of x but x is a function of y.

Answer:

x=y^2+4; for every y value, x has only one value.

The y is not a function since of x ; y=β(x-4) ,an equation that yields more than 1 values for

y; thus, y is not a function of x

3. y is a function of x and x is a function of y

Answer:

.= 2y=x+1; For every value of y there is only one value of x and vice versa.

B. In each of the following cases, determine the real roots (if

any) (3 points)

(i) 2x2 -4x +6=0

(ii) x2 -2x +1=0

(iii) 2x2 -5x +2=0

Answer:

And

b β4ac

2

1. b2 β4ac < 0 There are

no real roots.

2. b2 β4ac = 0 There is

one real root.

3. b2 β4ac > 0 There are

two real roots.

(i) 2x2 -4x +6=0

16-4*2*6=-48

(ii) x2 -2x +1=0

4-4*1=0

(iii) 2x2 -5x +2=0

25-4*2*2=9

0 Real root

1 real root

2 Real roots

Question 2 (9 points)

Consider an economy with two sectors - food and manufacturing. Each sector uses labour to

produce its output, and labor is mobile across both sectors, so that in aggregate labour market

equilibrium, workers earn the same wage ...

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