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**Useful Life of a Machine:
**

After t years in use, suppose a machine has

generated a revenue R(t) and the cost of

operating and servicing the machine is C(t).

Profit generated upto time t is P(t) = R(t ) –

C(t)

When costs accumulate at a higher rate then

revenue profit declines. So profit declines

when C’(t) > R’(t).

**Manager may want to dispose off the machine
**

when C’(t) = R’(t). This time T is called the

useful life of a machine. Usage of the machine

beyond this time will lead to loss.

Value of a machine is estimated by finding the

net profit over its useful life.

**Ex: Suppose when it is t years old a certain
**

industrial machine is generating revenue at

b. ' 2 A.2 the rate R ’(t )=5000−20t dollars per year and that operating and servicing costs accumulate at the rate C ( t ) =2000+10 t dollars per year. Net Profit over 10 years = P(10)-P(0) = 10 10 ∫ P (t ) dt=∫ [ R' ( t )−C ' ( t ) ] dt =¿ ' 0 0 10 10 30 t 3 ( ) [ 5000−20 t −(2000+ 10t )] dt= (3000−30 t )dt = 3000t− ∫ ∫ 3 0 0 2 2 2 ( 10 )| =$ 20000 0 Consumers’ Surplus and Producers’ . What is the useful life of the machine? We solve ' ' 2 2 2 2 C ( t ) =R ( t ) 2000+10 t =5000−20 t 30t =3000 t =100 t=10 years. Compute the net profit generated by the machine over its period of useful life.

Given p = D(q) and p = S(q ) as the demand and supply curves respenctively.Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service (indicated by the demand curve) and the total amount that they actually pay (the market price). q0 CS= ∫ D ( q ) dq− p0 q0 0 .

04 2 ( 0. The level of producer surplus is shown by the area above the supply curve and below the market price.−100 (ignore ) 0. q0 PS= p0 q0−∫ S ( q ) dq 0 Given the demand curve for a commodity as p=D ( q )=200−0.02 q + q−100=0 q= −1 ± √ 1−4 ( 0.04 0.02q =100+q so 0. Given p = D(q) and p = S(q ) as the demand and supply curves respenctively.02q ∧the supply curveas 2 p=S ( q )=100+q . b. supply = demand 2 2 200−0. For equilibrium.02 ) . Find the equilibrium price and quantity. a.04 0.02 ) (−100 ) −1± 3 −4 2 = = ∨ So q=50. a.Producer surplus is the difference between what producers are willing and able to supply a good for and the price they actually receive. Fin t the Consumers’ Surplus and the Producers’ Surplus and sketch these as an area.

Total willingness to spend is the area below the demand curve D(q) between q = 0 and q = q_o.02 q ) dq−150 ( 50 )= 200 q− 0.Hence p = 100 + q = 1000 + 50 = 150 q0 CS= ∫ D ( q ) dq− p0 q0 0 50 = ( 3 ∫ ( 200−0.023 q 0 2 50 )| −7500=1666.67 dollars 0 q0 PS= p0 q0−∫ S ( q ) dq 50 0 =(150(50) - q2 ( 100+q ) dq=7500− 100 q + ∫ 2 0 ( 50 )| =750−(5000+ 1250) 0 = $1250 Consumers’ Willingness to Spend P = D(q ) is the demand curve giving the price per unit that consumers are willing to pay to get the qth unit of a commodity is known as consumers’ demand function. q0 = ∫ D ( q ) dq 0 .

Find the total amount of money consumers are iwlling to pay to get 3 units of the commodity.Suppose the consumers’ demand function for a commodity is D ( q )=4 ( 25−q ) dollars per unit . . 3 ) b . 2 a. q0 3 3 ∫ D ( q ) dq=∫ 4 ( 25−q ) dq=4 25 q− q3 0 0 2 ( 3 )| ( =4 75− 0 33 −0=$ 264. Area under the demand curve¿ q=0 ¿ q=3 is264 Lecture7 Integration by Parts This is a technique based on the product rule of differentiation. Interpret this as an area .

Substitute in the formula and integrate. Steps to follow: Choose functions u and dv so that u is easy to differentiate and dv is easy to integrate. Add C at the end of computation. .We know that if u and v are differentiable functions of x. then d dv du ( uv )=u + v dx dx dx Integrating both sides with respect to x we get d dv du ∫ dx ( uv ) dx=∫ u dx dx+∫ v dx dx And uv=∫ u dv +∫ vdu So ∫ u dv=uv −∫ vdu Which is the formula for integration by parts. Find v and du.

So let u=x∧dv =e 4 x du=1. 4x Both x∧e are easy to differentiate but x becomes simpler after differentiation.4x x e dx ∫ Find 1. dx∧v=¿ SO Noneed ∫ e 4 x dx = 14 e 4 x ( ¿add C here ! ) SO ∫ u dv=uv −∫ vdu 1 1 x e 4 x dx=x e 4 x −∫ e 4 x 1 dx ∫ 4 4 Implies 1 4x (e ) xe 4 ¿ − +C 4 4 4x ¿ x e4 x 1 4 x − e +C 4 16 2. Find ∫ x √ x +5 dx Both x and √ x+5 are easy to integrate but the function x has an easier derivative. So let u=x ∧dv=√ x+ 5 dx .

x3 −∫ x3 .1 . dx= 3 x ( x+5 )2 − 5 +C= 3 x ( x+5 ) 2 − 15 ( x+5 ) 2 +C 2 2 3. dx∧v=∫ √ x +5 dx= ( x+5 ) 3 2 3 2 ∫ u dv=uv −∫ vdu 5 2 ( x +5 ) 2 3 3 3 3 5 2 2 2 3 2 4 ∫ x √ x +5 dx=x . Find ∫ x lnx dx Here lnx has a simpler derivative so we choose u = lnx and dv = x^2 dx Let u = lnx. 1x dx= x3 .du=1. Then dv=x dx 2 1 x3 du= dx∧v= x 3 ∫ udv=uv −∫ vdu 3 3 3 3 ∫ x 2 lnx dx=lnx . 3 ( x +5 ) 2 −∫ 3 ( x +5 ) 2 .lnx− 13 ∫ x 2 dx = x3 lnx− 13 x3 +C 3 ( ) Applying Limits in Integration by Parts: e Solve ∫ x lnx dx 2 1 .

Option 1: Find the integral in terms of the original variable as above and then apply the limits: e ∫ x 2 lnx dx 1 ( ))| ( ¿ e x3 1 x3 lnx− 3 3 3 ( 1 e3 1 1 1 lne− e3 − ln 1− 3 9 3 9 )( ) e3 1 3 1 ¿ − e+ 3 9 9 Option2 : Apply limit by using the formula b a b udv=¿ uv| −∫ vdu a b ∫¿ a Solution : e ∫ x lnx dx = 1 2 ( e )| e ( )| e3 1 1 x3 ¿ lne − ln 1− 3 3 3 3 ( ) e x3 1 lnx − ∫ x 2 dx 3 3 1 1 1 .

lnx |1−∫ x . . ln1 )− ( x ) |e1=¿ 1 1 e 1≤ x ≤ e . dx=x .lnx−∫ 1. Since y = lnx ≥0 over the interval Area of region = e−( e−1 )=1 Ans e 1 e ∫ lnx dx=x . dx=x So udv=¿ uv−∫ v du Implies ∫¿ 1 lnx . x d x=( e lne−1. Find the area of the region bounded by the curve y = ln x . x = 1 and x = e.3 ( 3 e 1 e 1 − − 3 3 3 3 ¿¿ ¿ ) e3 1 3 1 − e+ 3 9 9 4. d x du = 1/x dx and v = ∫ 1. Find ∫ lnx dx Here u = lnx and dv = 1. x−∫ x . dx=x lnx−x+ C x 5. the x – axis .

x Solve ∫ √ x +2 dx −1 x ∫ √ x +2 dx=∫ x ( x +2 ) 2 dx Let u = x.dx and v = So = −1 2 −1 2 ( x +2 ) 2 ( x +2 ) dx= ∫ 1 2 () 1 2 1 2 udv=¿ uv−∫ v du implies ∫ x ( x+2 ) dx=x 2 ( x +2 ) −∫ 2 ( x +2 ) dx ∫¿ 1 2 3 1 3 2 ( x+ 2 ) 2 2 x ( x+ 2 ) − +C=2 x ( x+ 2 ) 2 −( x+2 )2 +C 3 2 . Then dv = −1 2 ( x+ 2 ) dx 1 So du = 1.6.

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