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Integral Calculus Practice Test for Social Science

Practice problems for Linear Algebra

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fionakanani
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6 views8 pages

Integral Calculus Practice Test for Social Science

Practice problems for Linear Algebra

Uploaded by

fionakanani
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Integral Calculus for Social Science

(201-SH3-RE)
Practice Test #3

NAME:

INSTRUCTIONS:

ˆ Time: 50 minutes

ˆ Total Pages: 8 pages (The last three pages can be detached.)

ˆ Total Marks: 28 marks

ˆ Show all your work.

ˆ Justify your work using concepts seen in Integral Calculus for Social Science.

ˆ Pay attention to your notation.

ˆ A non-programmable calculator is provided. Other electronic devices are not allowed.

ˆ No decimal and/or irrational numbers (except for the word problem and/or final
answer).
1
– write 2
instead of 0.5
√
– write 2 instead of 1.4142136...
1
– write 3
instead of 0.3333...

Good luck!
2

Question 1. [4 marks] Let f (x) = 3x − x2 defined on the interval [1, 3]. Find the right
Riemann sum for f (x) using 4 rectangles on the interval indicated above.
Make sure to provide a sketch.
3
Z 3
3x − x2 dx by using the definition of the definite integral

Question 2. [10 marks] Find
1
with the right-hand rule.

Recall: the right-hand rule is xk = a + k · ∆x


4

Question 3. [8 marks] Suppose the Lorenz curve for the distribution of income in a certain
country is given by f (x) = 0.65x5 + 0.35x.
a) Find the area of the region in the 1st quadrant bounded by y = x and f (x).

b) Find the Gini Index for the Lorenz curve given above. Interpret.
5

Question 4. [6 marks] MyCDCompany determined that the weekly quantity demanded x


of its best selling CD (in thousands) is related to the unit price p (in dollars) by
p = −0.1x2 + 40. MyCDCompany will make x of its best selling CD (in thousands) available
in the market if the unit price is p = 0.2x2 + x dollars. Find the producer’s surplus when
the market unit price is set at the equilibrium price.
Formula Sheet 6

Trigonometric Identities
sin x 1
tan x = sec x =
cos x cos x
1 1
cot x = csc x =
tan x sin x

Derivative Formula
d  d 
tan x = sec2 x csc x = − csc x cot x
dx dx
d  d  1
cot x = − csc2 x loga x =
dx dx (ln a) x
d  d  x
sec x = sec x tan x a = ax ln a
dx dx

Integration Formula
Z Z
tan x dx = ln| sec x| + C csc2 x dx = − cot x + C
Z Z
sec x dx = ln| sec x + tan x| + C tan2 x dx = −x + tan x + C
Z Z
cot x dx = ln| sin x| + C cot2 x dx = −x − cot x + C
Z Z
csc x dx = − ln| csc x + cot x| + C sec x tan x dx = sec x + C
Z Z
2
sec x dx = tan x + C csc x cot x dx = − csc x + C
Interest Formula 7
r mt
A=P 1+
m
 r −mt
P =A 1+
m
dA
= rA ± P
dt

Summation Formula

a1 (rn − 1)
Sn =
r−1
a1
S∞ =
1−r
n n
X X 2n3 + 3n2 + n
1=n k2 =
k=1 k=1
6

n n
X n2 + n X n4 + 2n3 + n2
k= k3 =
k=1
2 k=1
4

Consumer and Producer’s Surplus

The consumer’s surplus is given by the area between the demand function and the horizontal
line P from 0 to X.

The producer’s surplus is given by the area between the horizontal line P and the supply
function from 0 to X.
Scrap Paper 8

Common questions

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Using standard notation (e.g., fractions, radicals) over decimal notation can enhance clarity and precision in integral calculus exams, reducing rounding errors and making it easier to recognize relationships among terms during integration. This precision is vital in calculating areas under curves or when determining limits and slopes, ensuring the accuracy of results in theoretical and applied contexts .

Integral calculus aids in understanding the supply-demand balance by providing a way to calculate areas representing consumer and producer surpluses at equilibrium pricing. Calculating these surplus areas involves integrating the demand and supply functions up to equilibrium quantity, highlighting not only market efficiency but also potential market interventions needed to address surplus imbalances .

The right Riemann sum for a function provides an approximation of the area under a curve over a specific interval by dividing the interval into equal subintervals and using the right endpoint of each subinterval to calculate rectangle heights, which are then summed. This method emphasizes how integral calculus approximates the definite integral or more precisely, the accumulation of quantities along a continuum .

Improper notation can lead to errors in calculation and interpretation, particularly in economic contexts where precise values influence decisions and policy. For example, misrepresenting decimals or square roots can skew the results of integrals, affecting measures like equilibrium price, surplus calculations, and the Gini Index, ultimately impacting economic analysis and strategy .

Using non-programmable calculators in calculus assessments ensures that students rely on their understanding of concepts and manual calculations rather than on technology to perform complex functions. This enforces a deeper comprehension of calculus techniques, requiring more robust problem-solving skills and preparedness, and avoiding errors hidden by electronic computations .

The Lorenz curve represents the distribution of income or wealth within an economy, showing the proportion of total income earned by the bottom percentage of the population. Integral calculus is used to calculate the Gini Index by finding the area between the Lorenz curve and the line of equality (y=x) in the first quadrant, providing a measure of inequality, where a larger area implies greater inequality .

Producer’s surplus at equilibrium price is calculated by integrating the area between the supply curve and the equilibrium price level over the quantity supplied. This involves finding the equilibrium quantity by equating the demand and supply functions, and then integrating from zero to the equilibrium quantity to find the area under the supply curve subtracted from the area under the equilibrium price .

Derivative formulas from calculus can be used to understand the rate of change in economic variables such as cost, revenue, and utility. By applying derivatives, economists can determine the impact of small changes in production quantity or price on overall profit, marginal cost, or marginal utility, which aids in optimizing decision-making in business and policy design .

Concepts like the right Riemann sum can approximate the cumulative demand for products over time or different intervals by modeling demand as a continuous function and estimating the area under the curve using successive, discrete ranges to better understand trends and make data-driven pricing and supply decisions .

Prohibiting electronic devices can promote a more profound comprehension of integral calculus principles by requiring students to develop manual calculation skills, critical thinking, and a deep understanding of the material. However, it could hinder the ability to perform complex calculations or explore advanced topics quickly, potentially slowing down learning and reducing exposure to real-world applications where technology is pervasive .

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