The following are demand and supply equations of a pen manufacturer.

Qd = 5,00,000 – 50, 000 P
Qs = -1,00,000 + 1,00,000 P

Find
1. At what average price, level of demand is equal to zero.
2. At what average price, level of supply is equal to zero.
3. Calculate the equilibrium price and quantity.

Problem 2

Yashika Limited manufactures an automatic camera that currently sells at uS$90. Sales volume is about 2,000 cameras per month in a city. A close competitor, Minolta, has cut the price of a similar camera it makes from US$ 100 to US$80. Yashika’s economist has estimated the arc cross elasticity of demand between the two rival firms’ products at about 0.4, given current incomes and price levels.

What impact, if any, will the action by Minolta have on the total revenue generated by Yahika, if it leaves its current price unchanged?

|YASHIKA |MINOLTA | |P1y = 90 |P1m = 100 | |Q1y = 2,000 |P2m = 80 | |Q2y = to be determined |Cross elasticity of demand = 0.4 |

Problem 3

Bajaj Appliances Ltd. manufactures a line of microwave ovens costing US$500 each. Its sales have averaged about 6,000 units per month during 2001. In June 2002, Bajaj’s closest competitor LG had cut its oven’s price from US$600 to US$450. Bajaj noticed that its sales volume declined to 4,500 units per month after the price cut by its rival LG.

1. What is the arc cross price elasticity of demand between the two? 2. Would you say that these two firms are very...

...DEPARTMENT OF COMPUTER SCIENCE
FACULTY OF INFORMATION TECHNOLOGY AND APPLIED SCIENCES
LEAD CITY UNIVERSITY, IBADAN
FIRST SEMESTER, 2013/2014 ACADEMIC SESSION
LECTURER-IN-CHARGE: PROF. B. A. OLUWADE
CSC 403: NUMERICAL COMPUTATION II (with MATLAB)
TUTORIAL QUESTIONS
1
(a)
What do you understand by the Euler method ?
(b)
Let
y/ = 3y + 1
y(0) = 2
be an initial value problem. Using Euler method, present an approximation of y(5)
using a step size of 1.
2
(a)
State Simpson’s rule.
(b)
Write MATLAB code for finding the numerical approximation of a
definite integral using (a) above.
3
(a)
Write the meaning of the following MATLAB commands and illustrate
with at least one example each:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
ceil (x)
round (x)
floor (x)
fix (x)
eye
zeros
ones
rem (x, y)
fprintf
xlabel ( )
(b)
With the aid of examples, explain the meaning and order of evaluation of
arithmetic operators and expressions in MATLAB.
1
(a)
Write a MATLAB code for evaluating sin(x)2 + cos(x)2
(b)
4
Write a MATLAB code for drawing the following :
y(x) = sin(3x)
3x
for -5 ≤ x ≤ 15
5
(a)
Write a MATLAB code for finding the approximate solution of an initial
value problem using the Euler method.
(b)
The midpoint rule, otherwise referred to as the rectangle method, is an
algorithm for computing an approximation to a definite...

...This essay will explain the fundamental economic problem in Hospitality Industry at Restaurant Sector. It will also discuss about the determinant of demand and supply in Restaurants.
The central economic problem is scarcity. This problem applies around the world. According to Sloman, Norris & Garratt (2010, p.5) “scarcity is the excess of human wants over what can actually be produced to fulfil these wants”. It means human wants are virtually limited. Every country can only produce limited quantity goods and service. Human demand a lot of things that is very limited to supply. With the factors of production, we can limit the good and service human wants. Labour is a human form contribution that can be restricted in number and skills. Land and raw material is a contribution that nature provides. For example, land and water. Capital is contribution that has been created in the first place. For example, machines, computer, other equipment. Capital is state of technology that is very limited or restricted.
There are six determinants of demands. Taste is the first determinant of demand. Taste is described as advertising, observing other consumers and their experiences with their goods and services. For example, Crown Conservatory is an elegant and relaxing place to dine any time of the day with their luxury buffet style and good customer service. With middle and high income tourists will have higher demand because they would like...

...joints in one particular area would cause lower pizza prices in that area.
PROBLEMS:
The major economic problem is that Human Wants are more than the resources.
The basic problems of micro economics are what, how and for whom to produce which are given below:
1) What to produce:
This problem identifies what an economy should produce to satisfy the needs and wants of the consumer as much as possible using the limited available resources.
If the country produces goods in such a way that maximizes the satisfaction of the consumer, then the economy is allocating efficiently.
2) How to produce:
This problem identifies ways in which the production inputs are combined for the production of goods as decided in problem 1 to obtain maximum efficiency.
An economy achieves efficiency if it uses minimum resources to produce the desired goods.
3) For whom to produce:
Who is being targeted by the economy for the production of goods. It is those with high incomes or those with lower ones.
Which Demographic group is being targeted by the economy for the production of goods?
If the economy directs this problem then it is considered as OPTIMAL OR EFFICIENT.
When all the 3 problems are addressed at a single time then the economy is considered to b EFFICIENTLY STATIC. And if the economy has achieved this static efficiency over a period of time then it is...

...BASIC ECONOMIC PROBLEM
Scarcity is one of the most basic economic problem that we faced. Why we run into scarcity because we are in a society with unlimited wants, but limited resources. Therefore, we have to choose, to make trade-offs. We have to efficiently allocate resources, and we have to do those things because resources are limited and cannot meet our own unlimited demands.
Choice and opportunity cost are two basic concepts in economics. Because of scarcity, consumers, businesses and governments have to make some choices. Companies choose how can they use their workers and equipment in the best way, government choose how best to use the taxes, etc. And the opportunity cost is the cost of an alternative that must be forgone in order to pursue a certain action.
In order to solve the problem of scarcity all societies, must answer three basic questions. Firstly, "What to produce?". to satisfy people's needs, societies have to decide the best combination of goods and services, like how many resources should be distribute to consumer goods, how many resources should provide into capital goods, etc. Secondly, "How to produce?". Societies also have to decide the best combination of factors to create the output of goods and services that we need. The last question, "From whom to produce?". Societies need to decide that who will get the output from the country’s economic activity.
The demand and supply shows the market situation,...

...The Islamic University of Gaza Faculty of Engineering Civil Engineering Department
Numerical Analysis ECIV 3306
Chapter 1
Mathematical Modeling
10:51:09 PM
Part one : Approximation and Errors
Specific Study Objectives
• Recognize the difference between analytical and numerical solutions. • Recognize the distinction between truncation and round-off errors. • Understand the concepts of significant figures, accuracy, and precision. • Recognize the difference between true relative error t, approximate relative error a, and acceptable s error
10:51:09 PM
Chapter 1: Mathematical Modeling
Mathematical Model
• A formulation or equation that expresses the essential features of a physical system or process in mathematical terms. • Generally, it can be represented as a functional relationship of the form
10:51:09 PM
Mathematical Modeling
10:51:09 PM
Simple Mathematical Model
Example: Newton’s Second Law (The time rate of change of momentum of a body is equal to the resultant force acting on it)
a = acceleration (m/s2) ….the dependent variable m = mass of the object (kg) ….the parameter representing a property of the system. f = force acting on the body (N)
10:51:09 PM
Complex Mathematical Model
Example: Newton’s Second Law
10:51:09 PM
Where: c = drag coefficient (kg/s), v = falling velocity (m/s)
Complex Mathematical Model
At rest: (v = 0 at t = 0), Calculus can be used to solve the...

...1. The length of a rectangle is 4 feet less than twice the width of the rectangle. If the perimeter of the rectangle is 85 feet, find the width and the length.
X
L
W x
2W-3
2. A total of $9000 is deposited into two simple interest accounts. In one account the annual simple interest rate is 5%, and in the second account the annual simple interest rate is 7%. The amount of interest earned for 1 year was $485. How much was invested in each account?
3. Running at an average rate of 6 meters per second, a sprinter ran to the end of a track. The sprinter then jogged back to the starting point at an average rate of 3meters per second. The total time for the sprint and the jog back was 4 minutes 6 seconds. Find the length of the track.
4. A plane leaves Paris headed for London at 540 mph. One hour later, a second plane leaves London headed for Paris at 640 mph. If the air route from Paris to London is 2000 miles, how long will it take (after the first plane takes off) for the first plane to pass the second plane?
5. How many liters of water should be evaporated from 200 liters of a 14% saline solution so that the solution that remains is a 22% saline solution?
0
x
.14
x
.22
200x
6. A painter can paint a Bed room in 4 hours. An apprentice can paint the same bed room in 12 hours. If they worked together, how long would it take them to paint the bed room?
7. The sum of the digits of a...

...values in the range 0-0.99. With a word, we can represent values having four decimal digits, or values in the range 0-0.9999. Likewise, with a double word we can represent values with up to eight decimal digits (since there are eight nibbles in a double word value).
6. The BCD format isn’t memory efficient
As you can see, BCD storage isn't particularly memory efficient. For example, an eight-bit BCD variable can represent values in the range 0-0.99 while that same eight bits, when holding a binary value, can represent values in the range 0..255. Likewise, a 16-bit binary value can represent values in the range 0-0.65535 while a 16-bit BCD value can only represent about 1/6 of those values (0-0.9999). Inefficient storage isn't the only problem. BCD calculations tend to be slower than binary calculations.
At this point, you're probably wondering why anyone would ever use the BCD format. The BCD format does have two saving graces: it's very easy to convert BCD values between the internal numeric representation and their string representation; also, it’s very easy to encode multi-digit decimal values in hardware (e.g., using a "thumb wheel" or dial) using BCD than it is using binary. For these two reasons, you're likely to see people using BCD in embedded systems (e.g., toaster ovens and alarm clocks) but rarely in general purpose computer software.
7. Floating point numbers and rounding errors
Squeezing infinitely many real numbers into a finite number...

...“Problems Encountered by Irregular Students on their Academic Subjects”
Chapter 1
Introduction to the Study
Students encounters many and different problems during their school years. These problems vary differently during their study years. It could be as simple as missing a homework or getting late in class. Or it could be as severe as getting dropped in a certain subject or worse failed the subject.
Several of theseproblems occurs which results for a student to have an irregular status in school. Irregular students are those who have enrolled subjects that are different from regular students. They tend to have a different class schedule compared to regular students. This could mean that they have to cope-up with the time and classmates they would encounter in every class which could give more peer pressure for them. It is not easy for irregular students to have a very complicated class schedule just to enroll subjects they need and to be with different type of people in every class. For some students, it would be difficult to approach new faces in every class and it would be tiring to have a busy class schedule with hardly any vacant time in between class period.
Irregular students often encounter many problems on their academic subjects. The quality of problem can be labeled as severe to a simple type of problem encountered. Failing grades or being...