Hi help with these problems would be greatly appreciated, I've passed my first year but only just managed to scrape a 2.1 overall just because of how weak I am at the maths side. (Got a compensated pass in the Quants unit) I'm trying to go over some now but these questions have me stumped.
Thanks for any help!
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Economics help watch
- Thread Starter
- 22-07-2016 11:55
- 22-07-2016 14:01
Come on... if you struggle with 4a you are really going to struggle with any degree with the slightest maths. 4a has given you 2 points on a graph and literally asked you to draw a straight line.
5ai, 0.25+0.6 = 0.85... which means?
5aii, differentiate with respect to L
5b, stationary points / max,min is starter a-level. differentiate, set gradient to 0. check with second order derivative if its max/min
5ci, TR is just price x quantity
5cii, TR -TC
5ciii, partial derivatives (differentiation with respect to Q1 and then Q2), then solve for Q1 and Q2, check with second order derivative if its max/min
a) literally the first lesson in learning about matrices
b) sorry don't know
c) equate demand and supply for each product and just rearrange to have p1 and p2 oin a single side. then write in matrix form