ECO 3145 Mathematical Economics I Assignment 2 Winter Term 2023
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ECO 3145 Mathematical Economics I
Assignment 2
Winter Term 2023
Deadline March 20 at 4pm. Submit a hard copy in class or send via e-mail to TA
1 Assignment 2
1. Formulate at least 3 rules of differentiation of a function of one variable. (Hint: for example product rule, quotient rule, chain rule). Give an example for each rule.
2. Give a definition of the partial derivative. Give three examples of partial derivatives.
3. Give the definition of a homogenous function. Give three examples of homogenous functions.
4. What is an implicit function? Give three examples of implicit functions.
5. Give a definition of a concave (convex) function. Give three examples of concave (convex) functions.
6. Give a definition of a quasi-concave function. Give three examples of quasi-concave functions.
7. What is the difference between unconstrained and constrained optimization?
8. Why do we need the second-order condition?
9. Find maxima and minima of the function:
u = x3 − 3x2 + 5x + 3.
10. Find maxima and minima of the function:
2v
u =
11. Let f = x3 + x y + 2y2 2 . What type is the point (6, −9)?
12. Find all local optimal points for the function f(x,y,z) = x2 + x(z − 2) + 3(y − 1)2 + z2 .
13. Solve the program
max x2 y2 z2
s.t. x2 + y2 + z2 = 3
14. Solve the following optimization problem using the Kuhn-Tucker conditions:
min (x − 2)2 + 2(y − 1)2
北,y
s.t. x + 4y ≤ 3
x − y ≥ 0
15. Find the candidates for solution of the following optimization problem using the Kuhn-Tucker conditions:
min
北,y
s.t.
x2 + x + 4y2
2x + 2y ≤ 1
x ≥ 0
y ≥ 0
2023-03-31