Business Math MATH 1324

North Lake College

David Katz, instructor

Section by Section List of Test Topics For Final Exam (Chapters 1-7, 10)

The exam will consist of 20 free response questions from this list of 27 topics from your homework sections.

  1. (1-3) Write a liner equation for a line that passes through two points (hint: determine the slope and y-intercept first)

  2. (1-4) Write a linear function to model an applied problem

  3. (1-4) Know that marginal means slope in terms of linear functions

  4. (1-4) Know that fixed cost means y-intercept in terms of linear functions

  5. (1-4) Know how to find the equilibrium point (i.e., the intersection of a demand and supply graph)

  6. (1-4) Know how to find the break-even point (i.e., the intersection of a cost and revenue graph)

  7. (1-4) Know that Profit = Revenue - Cost and that break-even occurs when Revenue = Cost

  8. (2-2) Solve a system of equations using matrix row operations (hint: put matrix into row-reduced echelon form)

  9. (2-3) Set up a system of equations to represent an applied problem

  10. (3-1) Know how to add matrices (if defined)

  11. (3-2) Know how to multiply matrices (if defined)

  12. (3-3) Solve a system of equations using matrix inversion

  13. (4-2) Use linear programming to minimize/maximize an objective function subject to system of linear inequalities

  14. (5-1) Solve an applied problem using simple interest

  15. (5-2) Solve an applied problem using compound interest

  16. (5-3) Solve an applied problem using an increasing or decreasing annuity (e.g., pension plan or mortgage)

  17. (6-4) Count the number of elements in a set using the combination formula

  18. (6-4) Count the number of elements in a set using the permutation formula

  19. (7-2) Compute estimated (empirical) probability using a table of values

  20. (7-2) Compute theoretic probability for a problem using dice, marbles, coins, etc.

  21. (10-1) Determine the vertex of a quadratic function

  22. (10-1) Determine the x-intercept(s), if any, and the y-intercept of a quadratic function

  23. (10-1) Know that Revenue = Demand x Price

  24. (10-1) Locate the maximum value for a revenue function or profit function

  25. (10-1) Locate the minimum value for a cost function

  26. (10-2) Solve applied problems involving continuously compounded interest

  27. (10-3) Solve interest problems for t time using logarithms

 

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