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Applied Mathematics II (ECO 244) Mid Exam / Assignment North South University
Applied Mathematics II (ECO 244) Mid Exam / Assignment North South University
Total Marks: 35
a) 𝑓 −2 = −2 b) 𝑓 −2 = 0 c) 𝑓 −2 = 2
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a) 𝑓 ′ 3 < 0 b) 𝑓 ′ 3 = 0 c) 𝑓 ′ 3 > 0
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a) 𝑓 ′′ 1 < 0 b) 𝑓 ′′ 1 = 0 c) 𝑓 ′′ 1 > 0
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Applied Mathematics II (ECO 244) Mid Exam / Assignment North South University
Total Marks: 35
Question 6 (3 marks)
You are the manager of a business firm. You have two employees working under your supervision. There
are four tasks (jobs) that you have to divide between the two employees.
Discuss the concept of optimization using the given scenario. What are the choice variables and what
could be the objective function in this case? There is no need to perform any calculations.
Question 4: (8 + 1 = 9 marks)
The profit function of a business firm producing only two products (A and B) are as follows:
𝜋 = 𝑓 𝑥, 𝑦 = 12𝑥 − 2𝑥 2 + 18𝑦 − 2𝑦 2 − 𝑥𝑦
a) What is the amount of product A and B that the business should produce to maximize the profit?
b) What is the maximum profit that this business firm can generate?
Question 5: (1 + 10 = 11 marks)
A business firm producing only two products (A and B) is under a contract to produce 35 units for a
client.
𝐶 = 𝑓 𝑥, 𝑦 = 5𝑥 2 + 15𝑦 2
a) What should be the aim of the business firm in the given situation? Explain the logic behind your
answer.
b) How can the business firm achieve the aim you stated above? Show the steps in your calculation.
Total Marks: 35
Question 3: (3 + 1 = 4 marks)
a) What amount should the business firm produce to minimize the average total cost? Show all the steps
in your calculation.
b) How can a business firm use the information you found above?
Question 7 (2 marks)
What are all the business information you can obtain from the given production function? There is no
need to perform any mathematical calculations. Answer in words.