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Question 1 A firm has a linear cost function given by C(x)= mx + b, where m and b are positive numbers and x represents the number of units produced. In this cost function, m represents marginal cost and b represents fixed cost Question 2 A firm collects the following data about the price charged (P) and the number of units sold (Q Price Quantity $12 50 $10 56 $8 $6 In this case it would be best to use a nonlinear 66 80 finear function to represent the relationship between price and quantity.

Question 3 A company has fixed cost of $2,500. The total cost to produce 100 units of the good is $3,200. The linear cost function is given by C(x) = a + bx. The value of a is The value of bis Enter numerical values rounded to two decimal places as necessary. Do not enter dollar signs. Question 4 Consider the demand curve P-D(q)-10-0.25q, where P is the per unit price of the product and q is the quantity demanded. At a price of $4.25, what is the quantity demanded? Enter a number rounded to two decimal places as necessary. Do not enter a fraction.

U U Question 5 Consider the function g(x)= 79-2.9x. If the value of x is 5 then find g(x). Enter a number rounded to two decimal places as necessary. Do not enter a fraction. Question 6 At the break-even quantity, which of the following is true? O revenue equals zero O revenue profit. O cost equals zero revenue- cost

D Question 7 A firm's revenue is given by R(x) - 27x, where x is the number of units sold. A firm's cost is given by C(x) 4.80x + 76. If the firm sells 104 units then how much profit does it make? Enter a number rounded to two decimal places. Do not enter any other characters. Question 8 Suppose the demand for a particular good is given by QD-100-SP where QD represents the quantity demanded and P is the per unit price. Suppose the supply for a particular good is given by QS-20+3P, where QD represents the quantity demanded and P is the per unit price. The equilibrium quantity is The equilibrium price is $ Enter numbers rounded to two decimal places as necessary.

Question 9 Consider the equation for a line: 20x+6y=46. What is the slope of the line? Enter a number rounded to two decimal places as necessary. Do not enter a fraction. Question 10 Consider a line where y is the variable on the vertical axis and x is the variable on the horizontal axis A line passes through the points (10,30) and (15.20). Based on this information: The slope of the line is The y-intercept is Enter numbers rounded to two decimal places as necessary. Do not enter fractions.