SECTION A THERE ARE 5 QUESTIONS IN THIS SECTION. ANSWER ALL QUESTIONS.

EACH QUESTION IS WORTH 1 MARK

1.

Which of the following does not give a conditional equation?

A Break even point B Net Savings being 0 C. Equilibrium in market for Good X D. Profit of a firm being maximized Answer:
A conditional equation is one that MUST be achieved to satisfy a condition A: breakdown points when TR=TC. So its a conditional equation. B:net savings being 0 means Total Income=Total Expenditure. So its a conditional equation. C:equilibrium in market for good X occurs when QD of good X = QS of good X. this is also conditional equation.

Thus, correct option D is the correct ans since there is no equation that guarantees profit of a firm being maximized. Thus, its not a conditional equation 2. A. B. C. D. Answer: Suppose A1={2,6,-4,-9,0,5,7}, A2={a,b,c,d|a,b,c,d R}, then which of the following is true for the above sets? The Cartesian product A1xA2 will have more than 20 elements and the set A2 is a countably infinite set The Cartesian product A1xA2 will have more than 20 elements and the set A2 is a countably finite set The Cartesian product A1xA2 will have 11 elements and the set A2 is a countably infinite set It cannot be deduced from the information above

A1={2,6,-4 -9,0,5,7} A2={a,b,c,d|a,b,c,d R} Remember the no of elements a Crtesian product is simply the prouct a of the no of elements of 1st set & no of elements of 2nd set. So here, A1x A2= 7x4=28 elements

Set A2 is countable & finite since we know there are 4 elements in set A2. Correct option is B

3. A. B. C. D. Answer:

Given the relation D={(1,-2), (y,-7), (-6,8), (-4,12)} which of the following values of y will also make relation D a function? x=-4 x=1 x=3 x=-6

Correct option is C because x value for all other options are already given in relation D. so, if we again consider them, then we will have one x value giving 2 y values, which is not a function.

4. A. B. C. D. E. Answer:

If the universal set is U={12,22,33,45,62, 7}, what will be the answer to AB where set A={62,45,22} and set B={7,33, 22}, where A indicates the complement of set A? { 12,22,33,7} {33,7,12} {22} {33} {}

U={12,22.33,43,62,7} A={62,45,22} B={7,33,22} A={12,33,7} Therefore, AuB={12,22,33,7} Correct option A

5. Suppose, {(A A. B. T {(A

y/4

y/4

x Lz)/(A2)zy/4} x T Am/4 . What is the solution?

C. D. None of the above Answer:

x Lz)/(A2)zy/4} T (A (z-2zy+y)/4) Am/4 T (A (z-y)) Am/4

{(Ay/4x Lz)/(A2)zy/4}xT-4M/4 In solving this question, students must use rules 1-7 of chapter 2 we did in class as well as th Rule PEMDAS I asked to follow in the class. According to PEMDAS, solve the elements inside brackets first: (Ay/4 x LZ)/ (AZ)zy/4 = Ay/4 . Lz/ Azy/2 =A y/4-zy/2 x Lz =Ay-2zy/4 x Lz So we have, { Ay-2zy/4 x Lz }T- AM/4

This is the solution. However, none of the options A,B or C give this answer. Hence, the correct answer is option D

SECTION B THERE IS ONLY ONE QUESTION IN THIS SECTION. THE TOTAL MARK FOR THIS SECTION IS 15 1a) Prove why the smallest subset of any set is the empty set { }. 2.5 MARKS Answer:
Given Ans in sec8s solution

b) Summarize how to build an analytical model. 2.5 MARKS Answer:

Mentioned in lecture notes

c) Suppose the profit of a firm () can be expressed as:

 = 10000-2P2 + 4P + 80Q i) What is the relation between P and ? Between Q & ? 2 MARKS

=10000-2P2+4P+80Q =profit P=price Q=quantity

Since, the highest degree of P is 2, the relation between P & is quadratic & as there is no higher degree polynomials for Q, the relation between & Q in linear.

ii) Answer:

Is a function of P & Q? Explain carefully. 4 MARKS

is a function of P &Q.

This is because for every value of P & Q there will be only one value of . It would not have been a functuion if one value of P & Q together gave 2 profit values( think about it logically: you cannot have 2 values from 1 P & Q. since its 4 marks, I was expecting students show 2 numerical examples would have a different value for P & Q)

iii)

Suppose the profit made by the firm in Year 1 is $15000. The price charged by firm 1 in year 1 fluctuated between either $4 or $5. What was the range of in year 1? Explain each step properly. 4 MARKS

Answer:

In order to determine the range of we would first need to determine the domain of Q. Since, the firm made profit in year 1, it means Q>0. So domain of Q will be any real no. greater than 0. Whatever the value of Q is, can not be negative because both P & Q are +ve. Hence, range of in yr 1 is 0< 15000

 is less than equal to 15000 because it has been mentioned in the question that profit is $5000 in year 1. So cannot be greater than 15000.

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