Allama Iqbal Open University



ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD

(Department of Economics)

WARNING

1. PLAGIARISM OR HIRING OF GHOST WRITER(S) FOR SOLVING THE ASSIGNMENT(S) WILL DEBAR THE STUDENT FROM AWARD OF DEGREE/CERTIFICATE, IF FOUND AT ANY STAGE.

2. SUBMITTING ASSIGNMENT(S) BORROWED OR STOLEN FROM OTHER(S) AS ONE’S OWN WILL BE PENALIZED AS DEFINED IN “AIOU PLAGIARISM POLICY”.

Course: Mathematics for Economists (803) Semester: Spring, 2021

Level: M. Sc Economics Total Marks: 100

Pass Marks: 40

ASSIGNMENT No. 1

(Units 1–5)

Q. 1 Explain the ingredients of a mathematical model with examples: (20)

Q. 2 Let the demand and supply functions are as follows. (20)

a) Qd = 51 – 3P b) Qd = 30 – 2P

Qs = 6P – 10 Qs = –6 + 5P

Find equilibrium price and quantity.

Q. 3 Using Cramer’s rule, solve the following equation: (20)

Y = C + I0 + G

C = a + b(Y – T0)

G = gY

Q. 4 Use the Jacobian test for the functional dependence of the following: (20)

[pic]

Q. 5 Find the total differential of the following: (20)

a) [pic] b) [pic]

ASSIGNMENT No. 2

(Units 6–9) Total Marks: 100

Pass Marks: 40

Q. 1 Describe application of exponential and logarithmic function in economics. Give examples to support your point. (20)

Q. 2 Which of the following functions are convex? (20)

a) [pic]

b) [pic]

c) [pic]

d) [pic]

Q. 3 Describe the method of finding characteristic root with the help of examples and using them to check sign-definiteness of a quadratic form. (20)

Q. 4 Given the following Cobb-Douglas production function: (20)

[pic]

Apply Euler’s theorem to check the degree of homogeneity of this function.

Q. 5 Write a short note on the following: (20)

• Slutsky equation

• Concept of Quasiconcavity and Quasiconvexsity

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