Consider the following story: Susan earns $700 per week working as a flight atte

Question

Consider the following story: Susan earns $700 per week working as a flight attendant for Flyaway Airlines. She uses $10 to buy a box of aspirin at Pilmart Pharmacy. Pilmart Pharmacy pays Carlos $240 per week to work the cash register. Carlos uses $350 to purchase air travel to Hawaii from Flyaway Airlines. Which of the following events in this story occur in markets for factors of production? Check all that apply. Susan earns $700 per week working for Flyaway Airlines. Carlos spends $350 to purchase air travel to Hawaii from Flyaway Airlines. Susan spends $10 to buy a box of aspirin. Carlos earns $240 per week working for Pilmart Pharmacy. Which of the following elements of this story represent a flow of money, inputs, or outputs from a firm to a household? Check all that apply. The $240 per week Carlos earns working for Pilmart Pharmacy Susan's labor The $350 Carlos spends to purchase air travel to Hawaii from Flyaway Airlines The aspirin Susan receives Gross domestic product (GDP) measures which of the following from the circular flow diagram? Check all that apply. Total income, including wages, profits, and rents, paid by firms The economy's flow of money Total expenditures by households on goods and services

Explanation / Answer

The differential element is a horizontal slice of thickness dy and width equal to the difference between the right and left functions.

Solve the system to determine the limits of integration.

x = 3y2

x + 25y = 50

Substituting first equation into second,

3y2 + 25y - 50 = 0

Factor using FOIL

(3y - 5)(y + 10) = 0

y = 5/3, the upper limit.

y = - 10, the lower limit.

Set up the definite integral.

D = [f(xR) - f(xL)]dy

D = [(50 - 25y) - 3y2]dy

= (- 3y2 - 25y + 50)dy

= - y3 - (25/2)y2 + 50y] evaluated from - 10 to 5/3

Plugging into TI-83 Plus,

D = 794

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