Name:
A1 MAT133
Calculus and Linear Algebra for Commerce
October 26, 2022 UofT Email: @[Link]
Fall Mini-Test Solutions
Student ID:
1. The percentage P of households in Ontario with landline telephones as a function of time, P = f (t), is
given by the table below, where t is the time in years since the beginning of 2015.
t (years) 0 0.5 1 1.5 2
P (%) 69.2 65.5 63.4 61.8 61.2
(a) Estimate f 0 (2). Answer: f 0 (2) ≈ −1.2 % per year .
(number) (units)
(b) Fill in the blanks: During 2015 - 2017, the percentage of households in Ontario with landlines was
decreasing at an average rate of 4 % per year .
increasing or decreasing (number) (units)
2. You put a turkey into a 350◦ F oven. The required cooking time t in minutes is a function of the mass m of
dt
the turkey in grams. When m = 5600, dm = 0.05 and t = 240.
dt
(a) Which of the following is the best interpretation of “ dm = 0.05” in this context? Fill in exactly ONE
circle using dark pencil or ink. (unfilled filled )
If we cook the turkey for 1 minute longer, the turkey will warm up by about 0.05◦ F.
If we cook the turkey for 1 minute longer, the turkey would get about 0.05 grams heavier.
If the turkey were 1 gram heavier, the oven temperature would need to be increased by about 0.05◦ F.
If the turkey were 1 gram heavier, it would take about 0.05 minutes longer to cook.
(b) Approximately, how long would it take to cook a 6000-gram turkey?
Answer: It would take about 260 minutes to cook a 6000-gram turkey in a 350◦ F oven.
3. A company producing q packs of socks sells all of their socks at a price of p = f (q) dollars per pack of
socks, where f (q) is given by the graph below. Their revenue is R = pq. Fill in the blanks and show your
reasoning in the box below.
4
Price p ($)
3 p = f (q) If they are currently selling 400 packs of socks,
2 their total revenue is 600 dollars and their
1
marginal revenue is −0.5 dollars per pack of socks.
0
100 200 300 400 500
q (packs of socks)
Reasoning:
When q = 400, the revenue is R = pq = (400)(1.5) = $600.
dR d dp dq dp
The marginal revenue is M R = = (pq) = q+p = q + p, by the product rule.
dq dq dq dq dq
|{z}
1
When q = 400, the slope of the graph above is dp 1 1
dq = − 200 . Hence, M R = − 200 (400) + 1.5 = −2 + 1.5 = −0.5.
MAT133 Fall Mini-Test 2022-23 Version A1
0
4. Suppose that the function f satisfies f (1) = 2 and f (1) = 3. Evaluate the following derivatives.
(a) If g(x) = f (x3 ), then g 0 (x) = f 0 (x3 ) · 3x2 and g 0 (1) = 9
(b) If h(x) = [f (x)]3 , then h0 (x) = 3[f (x)]2 f 0 (x) and h0 (1) = 36
5. Let s(t) represent the value of Fakeblock stock in CAD at time t in weeks since Fakeblock went public,
where 0 ≤ t ≤ 6. The graph of the derivative y = s0 (t) is below.
y
y = s0 (t)
10
5
0
1 2 3 4 5 6
−5 t (weeks)
−10
(a) What should the units on the y-axis be? Please write your answer in the box: CAD/week
(b) List the appropriate values of t in each box. You are not required to include units or explain. List
numerical values only. Round to the nearest tenth. Write “NA” if there are no valid answers.
i. The local minimum(s) of the stock value function s(t) are at t = 0, 5 .
ii. The local maximum(s) of the stock value function s(t) are at t = 2, 6 .
iii. The inflection point(s) on the graph of s(t) are at t = 3, 4, 4.5 .
6. The total cost in dollars of producing q units of a product is given by C(q) = 100 + 50q + 3q 2 ; the product
sells for $500 per unit. Assume that all units produced will be sold. How many units should be produced and
sold to maximise profit? What is the maximum possible profit? Use calculus to explain your reasoning.
Our goal is to determine the maximum possible profit from selling this product. Since the price is fixed
at $500 per unit, the revenue is 500q. Hence, we can express the profit as
Profit = Revenue − Cost = 500q − C(q) = 500q − (100 + 50q + 3q 2 ) = −3q 2 + 450q − 100
Let π(q) = −3q 2 + 450q − 100 represent the profit as a function of the number q of units produced and
sold. There are no restrictions on the number of units produced, so the domain of the profit function
is q ≥ 0.
To find the maximum profit, we begin by searching for critical points of the profit function, where the
marginal profit is 0. Note that M P = π 0 (q) = −6q + 450 = 0 whenever q = 450/6 = 75. This is the
only critical point.
Note that when 0 ≤ q < 75, M P = −6q + 450 > 0, which means that the profit is an increasing
function of q throughout this interval. When q > 75, M P = −6q + 450 < 0, which means that the
profit is a decreasing function of q throughout this interval. It follows that q = 75 units should be
produced and sold in order to maximize the profit. The maximum value of the profit is π(75) =
−3(75)2 + 450(75) − 100 = $16 775.
The maximum possible profit is $ 16 775 . In order to make this profit, 75 units
should be produced and sold.
