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Instructor: Prince.B. Frimpong JUNE 2, 2020 INSTRUCTIONS . Attempt All Questions . Be sure to write clearly your index number and name on the answer sheet. . Write Your Answers on a White Paper, Scan and Convert to PDF . Identical or near identical presentation of answers will attract penalty points. 1. Let the demand and supply functions for a commodity be Q =D(P) OD ap 0. OS at where t is the tax rate on the commodity. (a) What are the endogenous and exogenous variables? (b) Derive the total differential of each equation. (c) Use Cramer's rule to compute dQ/dt and dP/dt. (d) Determine the sign of dQ/dt and dP/dt. (e) Use the Q - P diagram to explain your results. 2. Find the Taylor series with n = 4 and ro = -2 for the function (@) = 7 1-I 1+r Enjoy and Stay Safe