LOVELY PROFESSIONAL UNIVERSITY
School of Business Faculty of Business & Arts
Name of the faculty member Dr. Gurpreet Kaur
Course Code: QTT201 Course Title: Business Mathematics and Statistics
Academic Task No: 1 Academic Task Title:
Date of Allotment: 21st September 2021 Date of Submission: 4th October 2021
Student Roll No: RQ2107A27 Student Reg. No: 12107265
Term: 1 Section: Q2107
Max. Marks 30 Marks. Obtained:
Evaluation Parameters
Learning Outcomes: (Student to write briefly about learnings obtained from the academic tasks)
1: identify the basic Mathematical tools 2 analyze the role of mathematical tools in economic problems 3.
Good analytical and real-life problems understanding will be developed quantitative skills
Declaration:
I declare that this Assignment is my individual work. I have not copied it from any other students’
work or from any other source except where due acknowledgement is made explicitly in the text,
nor has any part been written for me by any other person.
Evaluation Criterion: Rubrics on different parameters
Student’ Signature:
Evaluator’s Comments (For Instructor’s use only)
General Observations Suggestions for Improvement Best part of assignment
Evaluator’s Signature and Date:
Ans 1. Roll No. 27 range (5 -9)
X Y Z
Ans 2.
Let factories I and II should be operated for x and y number of days respectively.
Then the problem can be formulated as in L.P.P. as:
Minimize Z=12000x+15000y
Subject to constraints
We draw the lines
and obtain the feasible region (unbounded and convex) shown shaded in the
adjoining figure. the corner points are
The values of Z at these points are 3000000,2184000,1860000 and 1920000
respectively. As the feasible region is unbounded, we draw the graph of the half
plane.
i.e.,
and note that there is no point common with the feasible region, therefore Z has
minimum and minimum value is Rs. 1860000.
It occurs at the point (80,60) i.e., Factory I should be operated for 80 days, and
factory II should be operated for 60 days to minimize the cost.
Ans 3.
Number of family members
[4
X= 2 2 4
6 2
]
Daily amount of calories
2400
[ ]
Y = 1900
1800
Daily amount of proteins
45
[]
Z = 55
33
Total requirement of calories:
2400
4 6 2
[
XY = 2 2 4 ][ 1900 =
1800 ]24600
[
15800 ]
Total requirement of proteins
45
4 6 2
XZ= 2 2 4[ ][ ]
55 =
33
576
332 [ ]
Calories Proteins
family A 24600 576
family B 15800 332
Ans 4.
FIRMS STEEL LEATHER DEMAND OUTPUT FINAL
DEMAND
A 15 20 45 80 65
B 5 20 15 40 25
Input output coefficient :-
A=I
Ans 5.
Number of chemistry books = 10 dozen = 10 x 12 = 120
Number of physics books = 8 dozen = 8 x 12 = 96
Number of economics books = 10 dozen = 10 x 12 = 120
Let Matrix A denote the number of books per subject.
Chemistry Physics Economics
A = [ 120 96 120]
Let Matrix B denote the selling price of books per subject
Chemistry
80
[]
B = 60 Physics
40
Economics
Now,
Total amount the shopkeeper receives
= Number of books x Selling price
= AB
80
[]
= [120 96 120] 1x3 60 3x1
40
= [120 x 80 + 96 x 60 + 120 x 40] 1x1
= 9600 + 5760 +4800
= 20160
Hence, total amount received by shopkeeper is Rs. 20,160
Ans 6.
Perfectly Competitive Firm
TC = 2 + 4Q + Q2
P = 1 + 2 + 3Q
2 Q Q
(A) TR and TC Approach
Profit Maximization Condition
TR - TC = Maximum
TR = Price x Quantity
=8Q
TC = 2 + 4Q + Q2
TR – TC = 8Q – (2 + 4Q + Q2
QUANTITY 4Q – 2 – Q2 TR - TC
1 4 X 1 – 2 - 12 1
2 4X2–2–22 2
3 4X3–2–32 1
4 4X4–2–42 -2
5 4 X 5 – 2 – 52 -5
Profit will be maximum at Q = 2
(B) MR and MC Approach
Profit Maximisation Condition
MR = MC
MR = AAR = P = 8
MC = d (TC)
dQ
=d (2 + 4Q + Q2)
dQ
MC = 4 + 2Q
MR = MC
= 8 = 4 + 2Q
= 2Q = 8 – 4
= 2Q = 4
=Q=4
Profit of the Firm = TR – TC (at Q=2)
= 2
