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Name: Problem Set, 1 * Please submit your answer to the Dropbox. You can either scan your handwriting or type the answers. Please do not just state the answer. Show the progress to earn credit. 1. (10 points total) Find the value of X that maximizes (or minimizes) each of the following functions. Also determine whether the function reaches a maximum or a minimum at the extreme value of X you identify and explain the basis for your conclusion in each case. (a) (5 points) Y = -220, 000 + 10, 000X - X2 do = 6 + 10 000 - 2X zo 101000 = 2X 2 2 * = 5000 (b) (5 points) Y = 15, 000 - 150X + 0.3X2 0 - 150 \\+ 2(0.3) x 2. (6 points total) Using sales data, you estimated the following relationship between quantity sold (Q), price (P), and income (Y): Q = 4P-0.5y0.6 Find partial derivatives with respect to each of the right-hand-side variables, and cal- culate price and income elasticities: aQ (a) ap ( b ) EQ. P ( c) ay (d) EQy