Problem Set 1 Please submit your answer to the Dropbor, You can either scan your handwriting or type the answers. Please do not just state the answer. Show the progress to carn 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 extrane value of X you identify and explain the basis for your conclusion in each ease. () (5 points) Y = -220, 000 + 10, 000X - X" dn do = 0 +-10:000 - 2x 20 19000 = 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 (). price (P). and income (Y): 0 = 4p-05y08 Find partial derivatives with respect to each of the right-hand-side variables, and cal- culate price and income elasticities: (a) ap (b) Eqp ( " ) (d) Fox