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2017 Commentary
2017 Commentary
Important note
This commentary reflects the examination and assessment arrangements for this course in the
academic year 2016–17. The format and structure of the examination may change in future years,
and any such changes will be publicised on the virtual learning environment (VLE).
Unless otherwise stated, all cross-references will be to the latest version of the subject guide (2011).
You should always attempt to use the most recent edition of any Essential reading textbook, even if
the commentary and/or online reading list and/or subject guide refer to an earlier edition. If
different editions of Essential reading are listed, please check the VLE for reading supplements – if
none are available, please use the contents list and index of the new edition to find the relevant
section.
General remarks
Learning outcomes
At the end of this half course and having completed the Essential reading and activities, you should
have:
• used the concepts, terminology, methods and conventions covered in the half course to solve
mathematical problems in this subject
• the ability to solve unseen mathematical problems involving the understanding of these
concepts and application of these methods
• seen how mathematical techniques can be used to solve problems in economics and related
subjects.
We start by emphasising that you should always include your working. This means two things.
Firstly, you should not simply write down the answer in the examination script, but you should
explain the method by which it is obtained. Secondly, you should include rough working (even if it is
messy!). The examiners want you to get the right answers, of course, but it is more important that
you demonstrate that you know what you are doing: this is what is really being examined.
We also stress that if you have not completely solved a problem, you may still be awarded marks for
a partial, incomplete, or slightly wrong, solution; but, if you have written down a wrong answer and
nothing else, no marks can be awarded. So it is certainly in your interests to include all your
workings.
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MT105b Mathematics 2
You should ensure that you have covered the bulk of the syllabus in order to perform well in the
examination: it is bad practice to concentrate only on a small range of major topics in the
expectation that there will be lots of marks obtainable for questions on these topics. There are no
formal options in this course: you should study the full extent of the topics described in the syllabus
and subject guide. In particular, since the whole syllabus is examinable, any topic could potentially
appear in the examination questions.
Every examination paper is different. You should not assume that your examination will be almost
identical to the previous year’s: for instance, just because there was a question, or a part of a
question, on a certain topic last year, you should not assume that there will be one on the same
topic this year. Each year, the examiners want to test that candidates know and understand a
number of mathematical methods and, in setting an examination paper, they try to test whether the
candidate does indeed know the methods, understands them and is able to use them, and not merely
whether he or she vaguely remembers them. Because of this, every year there are some questions
which are likely to seem unfamiliar, or different from previous years’ questions. You should expect to
be surprised by some of the questions. Of course, you will only be examined on material in the
syllabus, so all questions can be answered using the material of the course. There will be enough
routine, familiar content in the examination so that a candidate who has achieved competence in the
course will pass, but, of course, for a high mark, more is expected: you will have to demonstrate an
ability to solve new and unfamiliar problems.
Please do read the questions carefully. You might be asked to use specific methods, even when other
methods could be used. The purpose of the examination is to test that you know certain methods,
so the examiners might ask you to use a specific technique. In such circumstances, very little (or no)
credit can be given if you do not do what the question asks. It is also worth reading the question
carefully so that you do not do more than is required. For instance, if a question asked you only to
find the critical points of a function, but not their natures, then you should not determine their
natures. Look out for such things! Even though a question may look like one from a previous
examination at first glance, there can be subtle differences!
Calculators
You are reminded that calculators are not permitted in the examination for this course, under any
circumstances. The examiners know this, and so they set questions that do not require a calculator.
It is a good idea to prepare for this by attempting not to use your calculator as you study and revise
for this course.
Many candidates are disappointed to find that their examination performance is poorer than they
expected. This may be due to a number of reasons, but one particular failing is ‘question
spotting’, that is, confining your examination preparation to a few questions and/or topics which
have come up in past papers for the course. This can have serious consequences.
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Examiners’ commentaries 2017
We recognise that candidates might not cover all topics in the syllabus in the same depth, but you
need to be aware that examiners are free to set questions on any aspect of the syllabus. This
means that you need to study enough of the syllabus to enable you to answer the required number of
examination questions.
The syllabus can be found in the Course information sheet available on the VLE. You should read
the syllabus carefully and ensure that you cover sufficient material in preparation for the
examination. Examiners will vary the topics and questions from year to year and may well set
questions that have not appeared in past papers. Examination papers may legitimately include
questions on any topic in the syllabus. So, although past papers can be helpful during your revision,
you cannot assume that topics or specific questions that have come up in past examinations will
occur again.
If you rely on a question-spotting strategy, it is likely you will find yourself in difficulties
when you sit the examination. We strongly advise you not to adopt this strategy.
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MT105b Mathematics 2
Important note
This commentary reflects the examination and assessment arrangements for this course in the
academic year 2016–17. The format and structure of the examination may change in future years,
and any such changes will be publicised on the virtual learning environment (VLE).
Unless otherwise stated, all cross-references will be to the latest version of the subject guide (2011).
You should always attempt to use the most recent edition of any Essential reading textbook, even if
the commentary and/or online reading list and/or subject guide refer to an earlier edition. If
different editions of Essential reading are listed, please check the VLE for reading supplements – if
none are available, please use the contents list and index of the new edition to find the relevant
section.
Candidates should answer all EIGHT questions: all SIX questions of Section A (60 marks in total)
and BOTH questions from Section B (20 marks each).
Section A
Answer all six questions from this section (60 marks in total).
Question 1
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Examiners’ commentaries 2017
if we use the quotient and chain rules. This means that the elasticity of demand is given by:
p dq (9 + p2 )2 9 − 3p2 3p2 − 9
ε(p) = − = −p · · 2 3
= 2 .
q dp p (9 + p ) p +9
3p2 − 9
>1 =⇒ 3p2 − 9 > p2 + 9 =⇒ 2p2 > 18 =⇒ p2 > 9.
p2 + 9
Question 2
2
Find the power series of ex +x
up to the term in x4 .
x2 x3 x4
ex = 1 + x + + + + ···
2! 3! 4!
we find that, keeping the relevant terms, we get:
2 1 1 1
ex+x = 1 + (x + x2 ) +(x + x2 )2 + (x + x2 )3 + (x + x2 )4 + · · ·
2! 3! 4!
1 1 1
= 1 + (x + x2 ) + (x + 2x3 + x4 ) + (x3 + 3x4 ) + (x4 ) + · · ·
2 6 24
3 7 25
= 1 + x + x2 + x3 + x4 + · · ·
2 6 24
2
as the power series for ex+x up to the term in x4 .
Question 3
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MT105b Mathematics 2
We need to use the method of Lagrange multipliers to find the minimum value of x−1 y −2 z −3
subject to the constraint px + qy + rz = M where p, q, r and M are positive constants. To do
this, we use the Lagrangean:
Lx (x, y, z, λ) = −x−2 y −2 z −3 − λp = 0
Ly (x, y, z, λ) = −2x−1 y −3 z −3 − λq = 0
Lz (x, y, z, λ) = −3x−1 y −2 z −4 − λr = 0
Lλ (x, y, z, λ) = −(px + qy + rz − M ) = 0
Question 4
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Examiners’ commentaries 2017
• The first is the co-factor method given in Section 4.9 of the subject guide. To do this, we
start by finding the determinant of the matrix which is:
1 1 2
det(A) = 1 2 1 = 1(2 − 3) − 1(1 − 2) + 2(3 − 4) = −2
2 3 1
if we expand along the first row (see Section 4.5 of the subject guide) and, as this is non-zero,
this confirms that the matrix is invertible. We then find the matrix of minors, which is:
−1 −1 −1
−5 −3 1
−3 −1 1
where, for instance, the entry in the second row and first column is given by the determinant
of the 2 × 2 matrix obtained from deleting the second row and first column of A, i.e. we have:
1 2
3 1 = (1)(1) − (2)(3) = −5.
If we now change the signs in this matrix according to the sign convention, which we can
write as:
+ − +
− + −
+ − +
we then get the matrix of co-factors, i.e. we have:
−1 1 −1
5 −3 −1 .
−3 1 1
The inverse is then, simply, the transpose of this matrix divided by the determinant, i.e. we
have
−1 5 −3
1
A−1 = − 1 −3 1 .
2
−1 −1 1
• The second is the row operations method given in Section 4.10 of the subject guide. To do
this we start with the augmented matrix:
1 1 2 1 0 0
(A | I) = 1 2 1 0 1 0
2 3 1 0 0 1
and then use row operations until this reduces to the form (I | B). In this case, if we did
everything correctly, we would find that B is the inverse of A, i.e. A−1 , as we found above.
Question 5
Find the function, y(x), that satisfies y(0) = 1 and the differential equation
dy 2xy
+ = x3 .
dx x2 + 1
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MT105b Mathematics 2
The given differential equation is linear and so, following the standard method, we solve:
dy 2xy dy
+ 2 = x3 by comparing it to + P (x)y(x) = Q(x)
dx x + 1 dx
to get P (x) = 2x/(x2 + 1) and Q(x) = x3 . This means that the integrating factor is given by:
2x dx
R
2
R
P (x) dx
µ(x) = e =e x2 +1 = eln(x +1)
= x2 + 1
we get:
x6 x4
Z Z
(x2 + 1)y(x) = x3 (x2 + 1) dx = (x5 + x3 ) dx = + +c
6 4
12c
1= =⇒ c=1
12
Question 6
Consumers and suppliers anticipate market trends according to the demand equation
dp d2 p
q = −2p + 6 − +
dt dt2
dp d2 p
q = 3p − 4 + +2 ,
dt dt2
respectively. Write down the differential equation that must hold at equilibrium.
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Examiners’ commentaries 2017
At equilibrium, for any price p, the quantity demanded is equal to the quantity supplied, i.e. we
have:
dp d2 p dp d2 p
−2p + 6 − + 2 = 3p − 4 + +2 2
dt dt dt dt
and this gives us the second-order differential equation:
d2 p dp
+2 + 5p = 10.
dt2 dt
So, following the standard method, we start by solving the auxiliary equation which is:
√
2 −2 ± 4 − 20 √
m + 2m + 5 = 0 =⇒ m= = −1 ± 2 −1.
2
In this case, as there are no real solutions, we take γ = −1 and δ = 2 so that:
is the complementary function for some arbitrary constants A and B. To find a particular
integral, as the right-hand side is a constant, we try something of the form p(t) = α where α is a
constant to be determined. This means that p0 (t) = 0 and p00 (t) = 0 and so, substituting these in
to the given differential equation, we get:
0 − 0 + 5α = 10 =⇒ 5α = 10 =⇒ α = 2.
Thus, the particular integral is p(t) = 2 and, adding this to the complementary function, we get:
as the general solution of our differential equation. Indeed, since p(0) = 1, we have:
1=A+2 =⇒ A = −1
so that we get:
1 = −A + 2B =⇒ 2B = 1 + A = 0 =⇒ B = 0.
Thus, putting these values of A and B into our general solution, we then see that:
is the sought-after particular solution. We can now see that, as t increases, this function will
oscillate decreasingly to 2.
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MT105b Mathematics 2
Section B
Question 7
2x − 3y + z = −1
x−y−z = 0
2x − 5y + 7z = −3.
and, after swapping rows one and two (i.e. the row operation R1 R2 ), we then get:
1 −1 −1 0 1 −1 −1 0 1 −1 −1 0
R2 →2R1 −R2 R3 →R3 −3R2
2 −3 1 −1 −−−−−−−−→ 0 1 −3 1 −−−−−−−−→ 0 1 −3 1 .
R3 →2R1 −R3
2 −5 7 −3 0 3 −9 3 0 0 0 0
x−y−z =0 and y − 3z = 1
x = (1 + 3t) + t = 1 + 4t.
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Examiners’ commentaries 2017
(b) What does it mean to say that a function f (x, y) is homogeneous of degree d?
Using the definition, show that the function
x3
f (x, y) =
x+y
x3
f (x, y) =
x+y
is homogeneous because:
(cx)3 c3 x3 x3
f (cx, cy) = = = c2 = c2 f (x, y).
cx + cy c(x + y) x+y
∂f ∂f
x +y = d f (x, y).
∂x ∂y
We can verify that this holds for the given function by noting that:
so that we have:
2x3 + 3x2 y x3 2x4 + 3x3 y − x3 y
∂f ∂f
x +y = x + y − =
∂x ∂y (x + y)2 (x + y)2 (x + y)2
2x4 + 2x3 y 2x3 (x + y)
3
x
= 2
= 2
= 2 = 2f (x, y)
(x + y) (x + y) x+y
as expected.
Question 8
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MT105b Mathematics 2
λ2 − 12λ + 32 = 0 =⇒ (λ − 4)(λ − 8) = 0
and so the eigenvalues are 4 and 8. To find the corresponding eigenvectors we seek a
non-zero vector, x, which is a solution to the equation (A − λI)x = 0, i.e. we have:
• for λ = 4, we solve:
1 −1 x x 1
=0 =⇒ x−y =0 =⇒ x=y =⇒ =
−3 3 y y 1
(b) Use your answer to part (a) to find the sequences xt and yt that satisfy x0 = 1,
y0 = −1 and the difference equations
xt = 5xt−1 − yt−1
yt = −3xt−1 + 7yt−1
for t ≥ 1.
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Examiners’ commentaries 2017
where xt and ut are related by xt = P ut . This means that xt−1 = P ut−1 and, substituting
this into xt = Axt−1 , we get:
is the general solution to our coupled system of difference equations. Then with the initial
conditions x0 = 1 and y0 = −1, we get the equations:
1=A+B and − 1 = A − 3B
which are easily solved to get A = 1/2 and B = 1/2. Consequently, we find that:
4t + 8t 4t − 3(8t )
xt = and yt =
2 2
is the required particular solution to our coupled system of difference equations.
(c) Use your answer to part (b) to find the limit of the sequences xt and yt as
t → ∞. What is the limit of xytt as t → ∞?
xt → ∞ as t → ∞ whereas since:
" #
t
4t − 3(8t ) 8t 1
yt = = −3
2 2 2
as t → ∞.
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MT105b Mathematics 2
Important note
This commentary reflects the examination and assessment arrangements for this course in the
academic year 2016–17. The format and structure of the examination may change in future years,
and any such changes will be publicised on the virtual learning environment (VLE).
Unless otherwise stated, all cross-references will be to the latest version of the subject guide (2011).
You should always attempt to use the most recent edition of any Essential reading textbook, even if
the commentary and/or online reading list and/or subject guide refer to an earlier edition. If
different editions of Essential reading are listed, please check the VLE for reading supplements – if
none are available, please use the contents list and index of the new edition to find the relevant
section.
Candidates should answer all EIGHT questions: all SIX questions of Section A (60 marks in total)
and BOTH questions from Section B (20 marks each).
Section A
Answer all six questions from this section (60 marks in total).
Question 1
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Examiners’ commentaries 2017
if we use the quotient and chain rules. This means that the elasticity of demand is given by:
p dq (4 + p2 )2 4 − 3p2 3p2 − 4
ε(p) = − = −p · · 2 3
= 2 .
q dp p (4 + p ) p +4
3p2 − 4
<1 =⇒ 3p2 − 4 < p2 + 4 =⇒ 2p2 < 8 =⇒ p2 < 4.
p2 + 4
Question 2
x2 x3 x4
ln(1 + x) = x − + − + ···
2 3 4
we find that, keeping the relevant terms, we get:
1 1 1
ln(1 + x + x2 ) = (x + x2 ) − (x + x2 )2 + (x + x2 )3 − (x + x2 )4 + · · ·
2 3 4
1 1 1
= (x + x2 ) − (x + 2x3 + x4 ) + (x3 + 3x4 ) − (x4 ) + · · ·
2 3 4
x2 2 x4
= x+ − x3 + + ···
2 3 4
as the power series for ln(1 + x + x2 ) up to the term in x4 .
Question 3
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MT105b Mathematics 2
We need to use the method of Lagrange multipliers to find the minimum value of x−3 y −2 z −1
subject to the constraint px + qy + rz = M where p, q, r and M are positive constants. To do
this, we use the Lagrangean:
Lx (x, y, z, λ) = −3x−4 y −2 z −1 − λp = 0
Ly (x, y, z, λ) = −2x−3 y −3 z −1 − λq = 0
Lz (x, y, z, λ) = −x−3 y −2 z −2 − λr = 0
Lλ (x, y, z, λ) = −(px + qy + rz − M ) = 0
3 2 1
−x3 y 2 zλ = = =
px qy rz
3r 2r
x= z and y= z.
p q
Substituting these into the fourth equation (i.e. the constraint) we then find that:
3r 2r M
p z +q z + rz = M =⇒ 6rz = M =⇒ z=
p q 6r
if we use our expressions for x and y in terms of z. Consequently, we find that the minimum
value of:
3 2
(8p3 )(9q 2 )(6r) 432p3 q 2 r
1 2p 3q 6r
is = =
x3 y 2 z M M M M6 M6
Question 4
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Examiners’ commentaries 2017
So we can get:
det(Ax ) −10 det(Ay ) 6 det(Az ) 0
x= = = 5, y= = = −3 and z= = =0
det(A) −2 det(A) −2 det(A) −2
i.e. we have x = 5, y = −3 and z = 0 as the sought-after solution.
Question 5
We substitute the given supply and demand functions into the given differential equation to get:
dp
= ([8 − 2p] − 2p)2 = (8 − 4p)2 = 16(p − 2)2 .
dt
This is a separable differential equation and so, following the standard method, we have:
Z Z
dp 1 1
2
= 16 dt =⇒ − = 16t + c =⇒ p−2=− .
(p − 2) p−2 16t + c
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MT105b Mathematics 2
(Observe, in particular, that the behaviour of p(t) as t increases is that it is increasing to 2, its
limit as t → ∞. Indeed, if you cannot see why it is increasing, here are two ways to think about
it:
• (16t + 1)−1 is decreasing to zero and so −(16t + 1)−1 must be increasing to zero. Thus,
p(t) = 2 − (16t + 1)−1 must be increasing to 2.
• p0 (t) = 16(16t + 1)−2 > 0 for all t ≥ 0 and so p(t) is increasing.)
Question 6
there are no real solutions in this case. As such, the method dictates that we compare the
auxiliary equation with the standard form:
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Examiners’ commentaries 2017
3α + 3α + α = 14 =⇒ 7α = 14 =⇒ α = 2.
Thus, the particular sequence is yt = 2 and, adding this to the complementary sequence, we get:
1 5π 5π
yt = t/2 A cos t + B sin t +2
3 6 6
as the general solution of the given difference equation. Indeed, since y0 = 4, we have:
1
4= [A cos(0) + B sin(0)] + 2 =⇒ 4=A+2 =⇒ A=2
30
and, since y1 = 1 as well, we also have:
√
1 5π 5π 1 B
1 = √ 2 cos + B sin +2 =⇒ −1 = √ − 3 + =⇒ B = 0.
3 6 6 3 2
Thus, we find that:
2 5π
yt = · cos t +2
3t/2 6
is the required particular solution. We can now see that, as t increases, this sequence will
oscillate decreasingly to 2.
Section B
Question 7
3x − 2y − z = 1
x−y+z = 0
5x − 2y − 7z = 3.
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MT105b Mathematics 2
and, after swapping rows one and two (i.e. the row operation R1 R2 ), we then get:
1 −1 1 0 1 −1 1 0 1 −1 1 0
R2 →R2 −3R1 R3 →R3 −3R2
3 −2 −1 1 −−−−−−−−→ 0 1 −4 1 −−−−−−−−→ 0 1 −4 1 .
R3 →R3 −5R1
5 −2 −7 3 0 3 −12 3 0 0 0 0
x−y+z =0 and y − 4z = 1
x = (1 + 4t) − t = 1 + 3t.
(b) What does it mean to say that a function f (x, y) is homogeneous of degree d?
Using the definition, show that the function
y3
f (x, y) =
x+y
is homogeneous and determine its degree of homogeneity.
State Euler’s theorem and verify that it holds for this function.
y3
f (x, y) =
x+y
is homogeneous because:
(cy)3 c3 y 3 y3
f (cx, cy) = = = c2 = c2 f (x, y).
cx + cy c(x + y) x+y
20
Examiners’ commentaries 2017
∂f ∂f
x +y = d f (x, y).
∂x ∂y
We can verify that this holds for the given function by noting that:
∂f y3 ∂f 3y 2 (x + y) − y 3 3xy 2 + 2y 3
=− and = =
∂x (x + y)2 ∂y (x + y)2 (x + y)2
so that we have:
y3 3xy 2 + 2y 3 −xy 3 + 3xy 3 + 2y 4
∂f ∂f
x +y = x − 2
+ y 2
=
∂x ∂y (x + y) (x + y) (x + y)2
2xy 3 + 2y 4 2y 3 (x + y)
3
y
= = =2 = 2f (x, y)
(x + y)2 (x + y)2 x+y
as expected.
Question 8
(a) It is easy to reduce the given coupled system of differential equations to the given
second-order differential equation by noting that the first equation gives us:
Then if we substitute these expressions for y(t) and y 0 (t) in to the second equation we get:
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MT105b Mathematics 2
as required. We are also given x(0) = 1 and y(0) = −2 in the question and so, using the first
equation with t = 0, we have:
m2 − 12m + 32 = 0 =⇒ (m − 4)(m − 8) = 0 =⇒ m = 4, 8
and so, as there are two distinct real solutions, the general solution is:
22