NAME: ________________________________ Student ID #: _________________

QUIZ SECTION:______
Math 111C, Midterm I
October 18, 2012

HONOR STATEMENT

I affirm that my work upholds the highest standards of honesty and academic integrity at the
University of Washington, and that I have neither given nor received any unauthorized assistance
on this exam.
SIGNATURE:__________________________________________




Problem 1 15

Problem 2 14

Problem 3 13

Problem 4 8

Total: 50



This exam is 50 minutes long. You may use a calculator, a ruler, and one double-sided handwritten
sheet of notes. Turn off your cell phone and put away everything else.
Your exam should contain 4 problems on 4 pages (not including this one). Check that you have a
complete exam!
Unless otherwise instructed, you must indicate how you get your answers. Answers with no
justification may result in little or no credit, even if they are correct.
On problems in which you use a graph, carefully draw all lines you use, label them, and mark the
points you used. If you guess and check when a better method was taught in this class, you may not
receive full credit.
Write your final answer in the indicated spaces.
If you need more room, use the backs of pages and indicate to the reader that you have done so.
There are multiple versions of this test. Cheating will not be tolerated.
Raise your hand if you have a question. (However, please dont raise your hand fishing for answers!
Your TA may clarify the wording of a question, but he/she can in no way comment on your work.)

GOOD LUCK!

Problem 1 (15 points) You are in the business of making and selling Things. Your total cost (TC) and variable cost
(VC) for manufacturing and selling Things are shown in the graph below.
Draw all lines you use on the graph neatly, and label them with the problem part (e.g. (d))

a) (3 pts) Estimate the fixed costs (FC).

Answer: ______________
b) (6 pts) Compute the average variable cost and the marginal cost of producing 200 Items.




Answer: ____________ $/Item, and ____________ $/Item.

c) (3 pts) Find the longest range of quantities over which the marginal cost is less than 20 dollars per item.





Answer: From __________ to ____________ Things

d) (3 pts) Find the shutdown price (SDP).



Answer: SDP __________$/item


,
,
,
,
,
,
,
,
,
100 300 500 700 900



Problem 2 (14pts) Anna is walking on a straight road. The following is the graph of Annas distance versus time.

Let denote the distance Anna traveled in seconds.
a) (3pts) Find a time at which Annas average trip speed is feet per second.




ANSWER: At ____________seconds
b) (4pts) Translate the following statement into English:

0.7. Include correct units.

c) (4pts) Translate the following statement into functional notation and find the value of that makes the statement
true:
Anna traveled 6 feet during the -second interval starting at .




Translation:________________________________________________, _______seconds

d) (3pts) Suppose Bob starts walking from the same place, at the same time, and in the same direction as Anna, but he
moves at a constant speed of feet/second. At what time(s), if any, will Bob be 2 feet ahead of Anna?



ANSWER: At ______________seconds (list all)



Problem 3 (13 pts) Suppose you produce & sell Krinkles. The following are the graphs of Average Cost
(AC), Average Variable Cost (AVC), and Marginal Cost (MC) at Krinkles .


a) (6pts) What is the total cost to produce 28 Krinkles?

What is the variable cost to produce 28 Krinkles?

Use these two values to compute your fixed cost:

b) (4pts) From the graph of MC, we see that . Based on this fact, which of the following are
true? (CIRCLE all that apply. There is no need to justify your answers.)
i. It costs $10 to produce the 3
rd
item.
ii. It costs $10 to produce the first 2 items.
iii.
iv.
v.

vi. The slope of the secant line through the TC graph at and is 10.
vii. The slope of the secant line through the TC graph at and is 10.
viii. The slope of the diagonal line through the TC graph at is 10.
ix. The slope of the secant line through the MC graph at and is 10

c) (3pts) If each Krinkle sells at the same market price, what is the lowest such market price at which you
can hope to at least break even?


Answer: $___________
Krinkles
D
o
l
l
a
r
s

p
e
r

K
r
i
n
k
l
e


Problem 4 (8 pts) Bob has $50,000 to invest. He has chosen one relatively safe investment fund that has
an annual yield of 5% and another, riskier fund that has a 11.5% annual yield. How much should he invest in
each fund if he would like to earn $3,000 per year in interest from his investments?
(Show all your steps, and round your answers to the nearest dollar)
























Answer: Bob should invest: $______________ in the 5% fund,
and $_____________ in the 11.5% fund


IF YOU CANNOT DO THE ABOVE PROBLEM, do the following question instead, for half credit (4 pts).
We will only grade ONE question, so indicate which one you wish graded if you worked on both questions.

Solve the following equation: