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Economics-Kinematics Problem Set

The document contains economics and kinematics problems. For economics, it provides cost and price functions and asks to find marginal cost, production levels for zero marginal cost and decreasing costs, and marginal profit. For kinematics, it provides a position function and asks to find velocity, times with no movement, direction of movement, and acceleration.

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27 views

Economics-Kinematics Problem Set

The document contains economics and kinematics problems. For economics, it provides cost and price functions and asks to find marginal cost, production levels for zero marginal cost and decreasing costs, and marginal profit. For kinematics, it provides a position function and asks to find velocity, times with no movement, direction of movement, and acceleration.

Uploaded by

welcometotheswamp
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Calculus Economics/Kinematics Problem Set

ECONOMICS
The production x units of a certain commodity can be represented (in dollars) as follows :

Cost function
C(x) = 2500 + 40x − 0.05x2.

Price function 
p(x) = 600 − 0.02x. 


Question E1

Find the marginal cost function

Answer: C'(x) = 40 − 0.1x

Question E2

How many units must be produced in order for the value of marginal cost function to be zero?

C'(x) = 0

Answer: x = 400

Question E3

How many units should be produced in order for the cost of production to decrease?

The cost function C(x) is an inverted parabola. The function values decrease to the right of the
vertex (x = 400) up to but not including the larger zero (x = 858.3)

Answer: 401 to 858 units must be produced in order for the cost of production to decrease.

Question E4

Find the marginal profit function.

Profit = Revenue − Cost

P(x) = x(600 − 0.02x) −
2500 + 40x − 0.05x2 = -0.07x2 + 640x −
2500

Answer: P'(x) = -0.14x + 640


KINEMATICS
The position (in metres) of an object can be represented as a function of time (in seconds) as
follows:

Position function
d(t) = 2500 + 40t − 0.05t2

Question K1

Find the velocity function

v(t) = d'(t)

Answer: v(t) = 40 − 0.1t m/s

Question K2

At what time(s) is the object not moving?

The object is not moving when v(t) = 0

Answer: at t = 400 s

Question K3

When is the object moving in the negative direction?

The object is moving in the negative direction when the velocity function is negative.

Answer: The object is moving in the negative direction when t > 400 s

Question K4

Find the acceleration function

a(t) = v'(t)

Answer: a(t) = -0.1 m/s2 (i.e. the acceleration is constant)

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