Question: (1) For demand function Q, = a -bP and supply function O, = dP-c , using Cramer's rule determine equilibrium price and equilibrium quantity. [10

(1) For demand function Q, = a -bP and supply function O, = dP-c , using Cramer's rule determine equilibrium price and equilibrium quantity. [10 marks] (2) In calm waters, the oil spilling from the ruptured hull of a grounded tanker spreads in all directions. Assuming that the area polluted is a circle and that its radius is increasing at a rate of 2 fu/sec, determine how fast the area is increasing when the radius of the circle is 40 ft. [5 marks] (3) A firms production function is O(L) =154- -0.12' , where output (Q) is a function of a single input labour (L). (i) Find the number of workers required to maximize total product. (ii) For what number of workers is average product maximum? [10 marks]

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