1.Suppose it costs $30 for each lobster trap set. Lobsters sell for $15. If X traps are set, the harvest rate of lobsters, L, as a function of the number of traps, is given by: L = 45 X -X2.Suppose lobstermen could limit the number of traps permitted. How many traps should be permitted, if Australia wanted to maximize overall profits from lobstering? How many lobsters would be harvested? What would total profits be from lobstering?

2.how many years will it take for an initial investment of $40,000 to grow to $60,000? Assume a rate of interest of 19% compounded continuously.

3.Given: U(x1, x2) = x1x2+x1 Find Marshallian demand Calculate the Marshallian demand for x1 and x2

Graph the demand for x1 when p2= 20 and I = 100.

Show how the graph changes when p2=5.

4.Explain main contributions to economic thought put forward by the Classical Economists:

5.What are the possible economic effects of development for the Irish economy

6.Draw graphs to explain total costs, total variable costs and total fixed costs

7.State and explain two economic characteristics of enterprise as a factor of production

8.Explain the importance of profits in a market economy

9.Discuss the case for and against the Government investing in Ireland's railways.

10.Find the principle needed now to get the given amount find the present value

to get $200 after 3 years at 7% compounded monthly. What is the present value of $200?