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A marketing firm is faced with fixed cost of 22500 and it's total variable cost is given as TVC=2000Q+0.2Q^2. If the demand function is P=2500-0.8Q. find:
1) the total revenue function in terms of Q
2) the total cost function in terms of Q
3) the profit function in terms of Q
4) the level of output that maximizes profit and the profit level.
5) the value of marginal cost and marginal revenue at this profit.
6) the level of output for which average cost is minimized.
Calculate the value of autonomous spending.
Part A: Analytical Questions
Choose a data set that represents time series data of at least 10 years on any variable that interests
you. You can obtain your data on any variable by using databases from IMF, World Bank,
UNData, Fiji Bureau of Statistics or RBF. Use the data selected to answer the following questions:



3) Suppose you are to select five years’ worth of data only to create a sample from the data
available to you in the data set, use either systematic random sampling or simple random
sampling method that you have learnt in Topic 4 to create a sample size of five. (For example,
if your data is for 10 years, randomly select five different years through either systematic
random sampling or simple random sampling method). You are to describe clearly how you
have obtained your sample from the data set.
Part A: Analytical Questions
Choose a data set that represents time series data of at least 10 years on any variable that interests
you. You can obtain your data on any variable by using databases from IMF, World Bank,
UNData, Fiji Bureau of Statistics or RBF. Use the data selected to answer the following questions:

1) Apply three different appropriate graphical techniques that you have learnt in this course that
can be utilized for numerical data that you have chosen and describe the trend that you can
observe from the data. (6 Marks)

2) For the same set of data you have identified, generate the descriptive statistics in MS Excel.
(4 Marks)
Consider the following information to answer questions 3.8 to 3.12
Government spending = R450
Exports = R250
Autonomous consumption = R300
Autonomous imports = R150
Investment expenditure = R100
Marginal propensity to consume = 0,6
Full employment level of income = R2 800

3.8 Autonomous expenditure (Ᾱ) is equal to

[1] R1000.
[2] R950.
[3] R1 150.
[4] R800.
Identify any three non‐income determinants of consumption
if a household's income falls from R12 000 to R10 000, and its consumption falls from R9 500 to R8 000, then:
Deltra was willing to purchase a dozen cookies for $60 that Deirdre was willing to sell for anything more than $32. If they agreed on a price of $36, how much total value was created in this exchange?
An appreciation of the rand against the dollar
(1) Will worsen the current account balance but improve domestic prices.
(2) Improve the current account balance but worsen domestic prices.
(3) Improve the current account balance as well as reduce domestic prices.
(4) Worsen both the balance on the current account as well as domestic prices.
Qb)The current price in the market for apples is $0.10 per kg. At this price, 1 million kg are sold per year. The price elasticity of demand is –5 and the short run price elasticity of supply is 0.05. Solve for the equations of demand and supply, assuming that demand and supply are linear.

• Suppose the demand curve is given by : Qd = 10 – 2P + Ps
Where: P is the price of the product and Ps is the price of a substitute good. The price of Ps = $2

• Suppose P = $1. What is the price elasticity of demand
• What is the cross price elasticity

If the price of P becomes $2
• What is the price elasticity of demand

• There are two goods X and Y. Tabithas Utilities are given by U = 1/3X2 + 2 Y1/2. If the price of X is $2 and the Price of Y is $0.75 What is Tabithas optimum bundle?
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