TUTORIAL LETTER MATHEMATICS FOR ECONOMISTS 1A SEMESTER 1/2019 MFE511S Assignment 2

This assignment consists of two questions. Question 1 involves differentiating various functions with respect to the independent variable. Question 2 involves determining whether a function is concave or convex at a given point and deriving an average cost function.

[MATHEMATICS FOR ECONOMISTS] ASSIGNMENT 2  [DATE]  Question 1 1.1  1.2  1.3  1  1.4  1.5  2  1.6  Question 2 2.1 Function  At x = 1  Now,  Now, 3  It can

[MATHEMATICS FOR ECONOMISTS] ASSIGNMENT 2.

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This report explores the use of Implicit Functional Theorem (IFT) in economics and its major benefits. It discusses how IFT helps in finding the relationship between variables of production and maximizing profit. The report includes illustrations and examples to explain the application of IFT in economic problems.

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The report provides advice to a sports manufacturer on the optimum number of basketballs and footballs to produce for maximum profit generation. The linear programming model has been solved using MS-Excel. The ideal number of basketballs manufactured is 56,000 and footballs are 40,000. The post-tax profit that the company would derive would amount to $591,840. The company can potentially increase the production of basketball by 4,000 units since the maximum limit is 60,000 units.

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Christian education

Learn how to maximize profit and minimize cost with solved examples of linear optimization and decision making problems. Get solutions to problems related to deceleration, expected monetary values, and perfect information.

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[MATHEMATICS FOR ECONOMISTS] ASSIGNMENT 2.

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Understanding the discipline - American Economic Associationlg...

300672 Mathematics Assignmentlg...

Assignment on Firm’s Marginal Productionlg...

Application of IFT in economicslg...

Business Decision Analysis - Case Studylg...