1.The total revenue and total cost functions for a good X in Firm A are given as follow: TR=7Q TC=21+4Q, Select the equilibrium quantity at break-even.*

Q= 7.00

Q= 2.00

Q= 5.50

Q= 1.90

2.Solve algebraically the following simultaneous equations, The solution of the system is considered as:*

y= 36 - 9x

3x + y/3 = 12

a. Infinitely many solutions.

b. Unique solution.

c. No solution.

d. None of the above.

3.The demand and supply functions for a product are: Demand:P=100-0.4Q Supply:P=30+0.3Q If the product is given for free. The quantity demanded will be;*

250

500

Zero

100

4.Solve algebraically the following simultaneous equations, What is the value of x?*

y= 36 - 9x

3x + y/3 = 12

a. x = -3.

b. All of the above.

c. x = 1.

d. x = 4.

5.The total revenue and total cost functions for a good X in Firm A are given as follow: TR=7Q TC=21+4Q, The selling price of good X is equal to,*

$4.00

$11.00

$21.00

$7.00

6.The total revenue and total cost functions for a good X in Firm A are given as follow: TR=7Q TC=21+4Q, When Q= 10, the profit is equal to;*

$89.00

$9.00

$61.00

$70.00

7.The total revenue and total cost functions for a good X in Firm A are given as follow: TR=7Q TC=21+4Q, When 5 units of good X are sold. There is ______ in Firm A.*

Loss

Break-even

Profit

Shortage

8.The demand and supply functions for a product are: Demand:P=100-0.4Q Supply:P=30+0.3Q Find the equilibrium quantity and price.*

Q=700, P=$700

Q=100, P= $60

Q=1300, P=$1300

Q=60, P= $100

9.Solve algebraically the following simultaneous equations, What is the value of y?*

y= 36 - 9x

3x + y/3 = 12

a. All of the above.

b. y = 63.

c. y = 27.

d. y = 0.