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TEST BANK MIDTERM – NEW 2025
Essential Mathematics for Economic Analysis
Level: average
Mathematics for E&BE (EBP817B05)
1292359285 / 978-1292359281
by Knut Sydsaeter (Author), Peter Hammond (Author), 6 th edition 2022 55 open questions with answers 48 multiple choice with answers 48 fill in the blank with answers
- 100 of the most important core concepts you must know
explained alphabetically 1 / 2
60 open questions – answers separately
- Basic Mathematical Concepts
Q1: What is the difference between a set and a subset?
Q2: How is the Cartesian product of two sets defined?
Q3: What is the significance of the union and intersection of sets in
economic analysis?
- Functions and Graphs
Q4: How do you define a function in mathematical terms?
Q5: What is the economic relevance of a demand function?
Q6: How is the slope of a function calculated, and what does it signify?
- Differentiation
Q7: What is the first principle of differentiation?
Q8: How can differentiation be applied to find marginal cost?
Q9: What does a second derivative tell us about a function?
- Optimization
Q10: What is the process of unconstrained optimization?
Q11: How is constrained optimization solved using the Lagrange
multiplier?
Q12: Why is optimization important in economics?
- Integration
Q13: What is the definite integral, and how does it differ from the
indefinite integral?
Q14: How is consumer surplus calculated using integration?
Q15: Why is integration useful in calculating total cost?
- Matrix Algebra
Q16: What is a matrix, and how is it represented?
Q17: How is matrix multiplication defined?
Q18: Why is matrix algebra relevant in economics?
- Linear Programming
Q19: What is the goal of linear programming?
Q20: How are feasible regions defined in linear programming?
Q21: What is the simplex method?
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