Boring Rules

round
 QUIZ 1
Tutorial Business Mathematics
Finance 1B

19 September 2017
Question 1

Determine the linear equation:

a. Going through point 1 (8,12) and point 2 (3,4)
b. Slope = 3, and going through point (7,5)
Question 2

What is the equation for the line below:

Question 3

Given the line equation:

5x - 3y - 15 = 0

a. Write the equation in the form of y = f(x)

b. State the slope of the equation

c. What is the relationship between y and x? What does this imply?

d. Calculate the x-intercept and y-intercept
Question 4

A researcher has observed the relationship between price and

quantity demanded of a product. Between the price $71 and $120,
the relationship is linear.
When the price is $71/ton, quantity demanded is 700 tons.
When the price is $120/ton, quantity demanded is 504 tons.
a.Find the demand function in the form of P=f(Q)
b.Plot the demand function, for $71 ≤ P ≤ $120.
c.When the price is set $105, calculate the quantity demanded.
d.When the quantity demanded is 510 tons, how much is the
price?
Question 5

A candy factory will not produce anything if the price is lower

than Rp 8,000.00 per pack. For every increase of Rp 1,000.00 per
pack, the factory will increase the production by 1,000 packs.
The consumers will purchase the candy if the price is not higher
than Rp 18,000.00. When there is an increase of Rp 1.000,- per
pack, they will reduce their purchase by 500 packs.

a.What is the demand and supply function of the candy market?

Write in the form of P = f(Q)
b.Plot the demand and supply function.
c.What is the equilibrium of this market?
Question 6

Given the following demand function:

Qd = 40 – 5Pd
a.Write the functions in the form P = f(Q) and plot the graph
b.Calculate P when Q = 15 from the graph. Confirm your answer
algebraically.
c.Calculate the price elasticity of demand at Q = 30. is it elastic,
unit elastic or inelastic?
ANSWER
Answer 1

a. Going through point 1 (8,12) and point 2 (3,4)

Answer 1

b. slope = 3, and going through point (7,5)

Y = mx + c
Y = 3x + c
5 = 21 + c
c = -16
Y = 3x - 16
Answer 2

Melewati (0,2) dan (2,0)

Answer 3

a. Write the equation in the form of y = f(x)

b. State the slope of the equation

Answer 3

c. What is the relationship between y and x? What does this imply?

- Positive Relation

- When X increases by 1 unit, Y will increase too by 5/3 unit

d. Calculate the x-intercept and y-intercept

- Y intercept ( when x = 0), Y = -5

- X intercept ( when y = 0), X = 3

Answer 4

a.Find the demand function in the form of P=f(Q)

Ada 2 titik (700,71) dan (504,120)

Menggunakan rumus:
Answer 4

a.Find the demand function in the form of P=f(Q)

Anggap Y = Price dan X = Quantity
Answer 4

b.Plot the demand function, for

$71 ≤ P ≤ $120.
Answer 4

c.When the price is set $105, calculate the quantity demanded.

P = 246-0.25Q
105 = 246 - 0.25Q
Q = 564

d.When the quantity demanded is 510 tons, how much is the

price?
P = 246-0.25Q
P = 246 -0.25(510)
P = $ 118.5
Answer 5

a.What is the demand and supply function of the candy market?

Write in the form of P = f(Q)

SUPPLY DEMAND

P Q P Q

8000 0 18000 0

9000 1000 17000 500

Answer 5
SUPPLY DEMAND

P = mQ + C P = mQ + C
P=Q+C P = -2Q + C

Substitusi (0,8000), Substitusi (0,18000),

8000 = 0 + C 18000 = 0 + C
C = 8000 C = 18000

Ps = Qs + 8000 Pd = -2Qd + 18000

Answer 5

b.Plot the demand and supply function.

Answer 5

c.What is the equilibrium of this market?

Ps = Pd Substitusikan ke salah satu

Q + 8000 = -2Q + 18000 persamaan P,
3Q = 10000 Ps = Q + 8000
Q = 10,000/3 P = 3,333.33 + 8000
Q = 3,333.33 P = 11,333
Answer 6

a.Write the functions in the form P = f(Q) and plot the graph
Qd = 40 - 5Pd
5Pd = 40 - Qd
Pd = 8 - 0.2Qd

b.Calculate P when Q = 15 from the graph. Confirm your answer

algebraically.
P = 8 - 0.2 (15)
P=5
Answer 6

c.Calculate the price elasticity of demand at Q = 30. is it elastic,

unit elastic or inelastic?

*When Q = 30,
P = 8 - 0.2 (30)
P=2

= INELASTIC