1. Given the Total Utility function (r U} = 150x+40n3 n3. then A. Derive marginal utility function and nd the value of x at which total utility is maximum. 2. Suppose the genetic demand function of a hypothetical good is given by: Qd : 250 + 0.?5Y- 0.35? + 0.25Py + 500, where Y is income, Py is price of the related good and P is price of the good .Y 21500. P23, Py :2 then A. Find quantity of demand B. Calculate price elasticity of demand and interpret your result C. Calculate income elasticity of demand and identify the types of goods. D. Calculate cross price elasticity of demand and identify the nature of the good 3.Assum that the total expenditure of a consumer on two goods X and Y is birr 2000 and prices of good X and 't' are birr 50 and hirr 40 respectively .Then formulate his budget equation and sketch the graph. 4.5uppose individual demand and supply function for acmmodity are given respectively as Qd =100-20P and Qs =4DP-120. where Q refers to the quntity and p refers to price . If there are 2D buyers and 10 suppliers of the commodity ,then A. Find market demand and market supply functions. E. Find equilibrium quantity of product . C.What is equlibrium price of a product ? 5. Complete the following table by nding Marginal Product & Average Product. Labor Output Marginal Average product 0 D l 2 2 6 3 l 2 4 I 6 5 2| 2 | P a g e Compiled by Assefa Belay (MSC in Economics)