Lines And Slopes Worksheets With Answers - Hec Montreal Page 9
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94. Exercises
Problem 1 :
A company produces shoes. When 30 shoes are produced, the total cost of
production is $325. When 50 shoes are produced, the costs increase to $485.
What is the cost equation (C) if it varies linearly in function to the number of
shoes produced (q) ?
Solution :
8
85
Problem 2 :
Consider a market characterised by the following supply and demand curves :
10
1000
0,2
298,6
Find the equilibrium price and quantity.
Solution : $68,76 and 312,35
Problem 3 :
Find the demand function if the price‐elasticity is ‐0.2 and the equilibrium price
and quantity are $100 and 2500 units, respectively. Supposing that the quantity
depends linearly on the price.
Solution :
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