1. A firm produces 500 units of a good which cost an average of tl 10 each to produce and sells them at a price of tI 15. What is its profit?

2. When the price of a product is lowered from tl 150 to t| 100 quantity demanded increases from 500 to 750 units. Calculate the elasticity of demand over this section of its demand schedule. Formula for elasticity of demand: change in quantity (1st quantity + 2nd quantity) arce change in price (1st price + 2nd price)

3. A Bureau de Change will sell Turkish Lira at an exchange rate of 18.2 tl to the euro and charges a flat rate commission of EUR 2 on all transactions. 0 Write an

expression for the number of Turkish Lira that can be bought for EURx (any given quantity of EURO), and (i) evaluate it for x = 300.

4. The basic hourly rate for a weekly paid worker is tI 200 and any hours above 40 are paid at tl 250. Tax is paid at a rate of 15% on any earnings above tl 2500 a week. Assuming hours worked per week (H) exceed 40, write an expression for net weekly wage in terms of H and then simplify it. If H = 50, how much net pay received by the worker?

5. A good, costs a basic tl 150 a unit but if an order is made for more than 10 units this price is reduced by a discount of tl 5 for every one unit increase in the size of an order (up to a maximum of 30 units purchased), i.e. if the order size is 11, price is 145; if it is 12, price is 140 etc. Write an expression for the total cost of an order in terms of order size and simplify it.

6. A firm has to pay fixed costs of tI 5000 and then tl 200 labour plus t| 50 raw materials for each unit produced of good X. Write an expression for average cost and simplify.

7. A firm has to pay fixed costs of tI 15000 plus another tI 200 for each unit produced. How much can it produce for a budget of t| 80000? 8. You sell 200 shares in a company via a stockbroker who charges a flat tl 100 commission rate on all transactions under tI 1000. Your bank account is credited with tl 800 from the sale of the shares. What price were your shares sold at?

A rm produces 500 units of a good which cost an average of ti 10 each to produce and sells ther at a price of tI 15. What is its prot? When the price of a product is lowered from tl 150 to tl 100 quantity demanded increases fron 500 to 750 units. Calculate the elasticity of demand over this section of its demand schedule. Formula for elasticity of demand: change in quantity i Isl quantity + End quantity) change in price ( Isl price + 2nd price) EII'L' (' = A Bureau de Change will sell Turkish Lira at an exchange rate of 18.2 tl to the euro and charges a at rate commission of EUR 2 on all transactions. (ii Write an expression for the number of Turkish Lira that can be bought for EUR x (any give quantity of EURO), and (ii) evaluate it for x = 300. The basic hourly rate for a weekly paid worker is tl 200 and any hours above 40 are paid at tl 25C Tax is paid at a rate of 15% on any earnings above tl 2500 a week. Assuming hours worked pe week (Hi exceed 40, i. write an expression for net weekly wage in terms of H and then simplify it. ii. if H = 50, how much net pay received by the worker? A good, costs a basic tl 150 a unit but if an order is made for more than 10 units this price i reduced by a discount of tl 5 for every one unit increase in the size of an order {up to a maximun of 30 units purchased), i.e. if the order size is 11, price is 145; if it is 12, price is 140 etc. Writ: an expression for the total cost of an order in terms of order size and simplify it. A firm has to pay xed costs of ti 5000 and then tl 200 labour plus tl 50 raw materials for each uni produced of good X. Write an expression for average cost and simplify. A rm has to pay fixed costs of ti 15000 plus another tl 200 for each unit produced. How muc can it produce for a budget of tl 80000? You sell 200 shares in a company via a stockbroker who charges a at tl 100 commission rate 0|