Prof. S. Brick Math 120
Summer ’03 Applied Calculus; Quiz 2 section 21
0. Print your name:
1. You decide to make Math T-shirts. You have fixed costs of $150 and variable costs
of $7 per shirt, selling them for ten dollars each. Find the cost equation and the revenue
equation. Find the break-even point.
2. You have a budget for textbooks and social events of $1200. Textbooks cost $100 each.
A night out (i.e., a social event) costs $40. Find and graph the equation of your budget
constraint. Label the axes and the intercept points (with their values). Shade the region
that corresponds to living within your means.
3. Draw two graphs, one a typical demand curve, the other a typical supply curve. Label
the axes on both graphs, using the convention from the book. And explain why each curve
is likely to be as you draw it.