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MAT10706 QUANTITATIVE METHODS WITH ECONOMICS

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Question 1 Impact of changing price upon revenue and profitOutdoor gas heaters are a popular item in outdoor locations. A factory produces three models of gas heater. Each model requires metal casing and gas fittings. Factory workers use three different types of casing – Chromium, Titanium and Zirconium. Each type also has its own set of gas fittings. Once the heaters are assembled, they are distributed for sale. Heaters are assembled and sold as follows;ChromiumTitaniumZirconiumCost of casing$75$150$240Cost of gas fittings$38.00$36.00$42.00Sale price$150$220$320In addition there are fixed production costs of $400 for Chromium, $500 for Titanium and $600 for Zirconium.Your task is to investigate the cost, revenue and profit associated with each type of gas heater.Steps to complete fo

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Question 2 Impact of ticket levy on revenue

The supply and demand equations are given by

Demand Equation: ???? = 1800 − 9????????

Supply Equation: ???? = 0.00005????2 + 3???????? + 150

By using the Excel random function = Rand(),

We get

a

0.3

b

0.3

WITHOUT LEVY

Demand: P = 1800 - 3Q

Supply: P = 0.00005 Q2 + Q + 150

WITH LEVY

Demand: P + 50 = 1800 - 3Q

Supply: P = 0.00005 Q2 + Q + 150

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