MAT133: Calculus and Linear Algebra for Commerce

Practice Midterm Test

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Instructions
We strongly recommend treating this practice test as a dry run. This means the following:

• Before opening this test, study using other resources until you feel confident. Please refer to the Midterm
Study Guide for study tips and resources.
• Print this test, then find a quiet space to write it without distractions. Time yourself for 120 minutes.
• Use only your approved calculator while writing this test. Do not use any unauthorized aids.
• Use the same pencil/pen and eraser that you plan to use for the real test. Be sure to fill in any multiple-choice
bubbles with a dark pencil or pen.
• If you finish the test with time to spare, check your work.
• After you’ve finished, take a break. Then reflect on your test writing techniques. What might you continue
to do and what might you change, when you write the real thing?
• Attempt to mark your own work, before checking outside sources. Take note of any problems that you are
most and least confident with.
• Compare your answers with a classmate.
• Final answers (but not full solutions) will be posted to Quercus on Tuesday, Dec 6.
• Attend Drop-in hours to discuss any problems that you are still struggling with.
MAT133 Test 2 Practice 2022-23
1. (2 points) A local charity collects data on their donors. For donors with income I, they compute the
average yearly donation value D, to create the table below.

I (thousands $) 80 100 120 140

D ($) 42.5 72.5 81.2 72.5

(a) Can we think of I as a function of D, or D as a function of I? Select all correct answers.

I is a function of D. D is a function of I. Neither.

(b) If a donor with an income of $80,000 were to earn an additional $2,000 in a year, roughly how
much more might you expect them to donate to the charity that year?

$1.33 $3 $1,333 $3,000 Other:


dp 
2. A bakery sells croissants. Suppose that dq q=30 = −0.04, where p is the price per croissant and q is
the number of croissants demanded and sold each day. The bakery currently charges $4 per croissant
and sells 30 croissants per day.

dp 
(a) (2 points) In plain language, explain to the baker what dq  = −0.04 means.
q=30

(b) (3 points) Find the current marginal revenue using the data given. Show your reasoning below
and then write your final answer in the box, including units.

The marginal revenue is

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MAT133 Test 2 Practice 2022-23
3. (3 points) A function g is graphed on the left. Sketch the graph of g 0 on the right.

y y
3 3
y = g(x) y = g 0 (x)
2 2

1 1
x x
0 0
0 1 2 3 4 5 6 0 1 2 3 4 5 6
−1 −1

−2 −2

−3 −3

4. (3 points) Avery and Basil want to measure the rate at which they can breathe out air, but the only
instruments they have are spherical balloons, a stop watch, and a ruler. Avery fills the balloon with
air until it has a radius of 5cm. After that, Avery breathes air into the balloon as hard as she can,
and Basil uses the ruler and stopwatch to estimate that the balloon’s radius grows at a rate of 4
cm/s. At what rate was Avery blowing air into the balloon? (The volume of a sphere with radius r
3
is V = 4πr3 .)

Answer: Avery was blowing air into the balloon at a rate of .

(number) (units)

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MAT133 Test 2 Practice 2022-23
5. (8 points) Maddox is currently taking MAT331 and next week he has an exam to write and a project
to submit. The project is worth 40% of his mark and the exam is worth 60%. The grade he will get
in the project as a function of the time t he spends on it (in hours) is given by f (t) = 100 − 50e−0.5t ,
whereas the mark he will get for the exam is g(t) = 10t. He hasn’t done any work yet, but this
weekend he has 10 hours of free time which he intends to spend on studying.
(a) Note that the final grade that he gets in the course is a function of the time spent t spent on the
project, h(t) = 0.4f (t) + 0.6g(10 − t). Use the formulas for f and g to find a formula for h(t).

(b) How much of his 10 hours should he spend on the project in order to get as high a final grade
as possible? Round your answer to 3 decimal places. Be sure to fully justify your answer.

Answer: He should spend hours working on his project and

hours studying for his exam.

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MAT133 Test 2 Practice 2022-23
6. (4 points) Jean-Paul goes skydiving. He jumps out of the plane and accelerates downwards. At some
point, he deploys his parachute. Let h = f (t) be his height above the ground t minutes after jumping
from the plane.
(a) On the graph of h = f (t), how would you recognize the point where Jean-Paul deploys his
parachute?

This point will be a local maximum on the graph of h = f (t).

This point will be a local minimum on the graph of h = f (t).
This point will be a point of inflection on the graph of h = f (t).
It is not possible to recognize the moment when he deploys his parachute from the
graph of h = f (t).

(b) Explain, using plain language, your choice in part (a).

7. (5 points) Samara offers to pay Liyu $10, 000 today. In return, Samara will pay Liyu $1, 000 per
year for 12 years, starting two years from today. If Liyu’s savings account offers them a 3% interest
rate, compounded monthly, should they agree to Samara’s deal or keep their money? Explain your
reasoning.

Answer: Liyu should agree to Samara’s deal. keep their money.

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MAT133 Test 2 Practice 2022-23
8. (10 points) BoxCo is hiring a new employee named Fred, to whom they will pay a salary of $6 000
per month, at the end of each month worked. Fred starts working on Jan 1, 2021. To finance Fred’s
salary, BoxCo deposits a lump sum of money into a bank account on Jan 1, 2021 that accumulates
interest at a rate of 12% per year, compounded continuously.
(a) What is the effective annual interest rate for BoxCo’s bank account? Express your answer as a
percentage and round to the nearest hundredth of a percent.

Answer: The effective annual interest rate is %.

(b) How much does BoxCo need to invest initially to ensure that they can keep paying Fred’s salary
for a total of 10 years? (Assume that his salary remains constant during this time period.) Show
your reasoning carefully. Round your final answer to the nearest cent.

Hint: Showing your reasoning on a problem like this must include writing down a sum,
in sigma notation and/or in “dots” notation. Full credit is not possible without this.

Answer: BoxCo must invest dollars today.

(c) When negotiating his 10 year contract, Fred asks if BoxCo would consider raising his salary by
$5 each month, so that he would make $6 000 this month, $6 005 next month, $6 010 the month
after that, and so on. How much additional money would BoxCo need to deposit into their ac-
count initially in order to accommodate these raises? Colour in the circle for ALL correct answers.

119
X 119
X 120
X 120
X
−0.01(j+1) −0.01 j −0.01(j+1)
5je 5(j − 1)e 5je 5(j − 1)e−0.01 j
j=0 j=0 j=1 j=1

None of the above

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MAT133 Test 2 Practice 2022-23
9. (10 points) (a) Please sketch the graph of f (x) = (x − 2)2 on [−1, 3] using the grid below. Label at
least 3 points on the graph.
y Your goal in this problem is to find an lower bound (i.e. under-
estimate) for
4 Z 3
(x − 2)2 dx
0
3
using Riemann sums. What will your strategy be?
2 Use a left-hand sum.

1 Use a right-hand sum.

Break [0, 3] into two intervals and use a left-hand sum on

0 x
−1 0 1 2 3 one of them and a right-hand sum on the other.

−1

(b) Divide [0, 3] into six subintervals of equal length, then draw the six corresponding rectangles you
Z 3
will use to find an lower bound for (x − 2)2 dx in the graph above. Compute the lower bound
0
and show your calculation below.

My upper bound is .

Z 3
(c) What is the exact value of (x−2)2 dx? Show your reasoning, using the Fundamental Theorem
0
of Calculus.

My exact answer is .

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MAT133 Test 2 Practice 2022-23
10. Rain falls into a reservoir at a rate of r(t) litres per hour, where t is the time in hours since noon.

y [L/h]

400
y = r(t)

200

2 4 6 8 10 12 t[h]

When answering each of the questions below, please show all of your reasoning then write your
final answer into the space shown. No points will be given for unexplained answers.
(a) (3 points) How much rain falls into the reservoir between noon and midnight?

Between noon and midnight, of rain falls into the reservoir.

number units

(b) At 2pm, a floodgate is opened in order to allow water to flow out of the reservoir at a constant
rate of 200 litres per hour. There are no other ways for water to enter or leave the reservoir,
except through the rain or the floodgate.
i. (2 points) At what time did the reservoir’s water level reach its high point that day?

The water level was highest at PM.

ii. (2 points) At what time should the floodgate be closed in order to ensure that the reservoir
has the same amount of water in it at midnight as it previously had at noon that day?

The floodgate should be closed at PM.

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MAT133 Test 2 Practice 2022-23
11. (5 points) From previous sales data, a company has found the following data about the marginal
profit of selling one of their products.

q (units produced) 200 400 600 800 1000

M P ($ per unit) 1 1.3 0.7 -0.1 -2

(a) In which of the following intervals is the profit maximizing quantity located?

[0, 200) [200, 400) [400, 600) [600, 800) [800, 1000) [1000, ∞)

(b) Suppose the company makes a profit of −$570 when selling 0 units. Use a Riemann sum to give
an underestimate of the maximum profit the company can make selling this product.

The maximum profit is at least $ .

Z b
12. (1 point) The integral f (x − c) dx is equal to which of the following integrals? Select all correct
a
answers. You are not required to explain.
Z b Z b−c Z b−c Z b
f (x) dx f (x − c) dx f (x) dx f (u) du None of these.
a a−c a−c a

13. (4 points) You run an online business and you are considering an upgrade to your website. The
upgrade will cost you a one-time fee of $8,000 today. You expect that the upgrade will generate an
additional profit flow of $5,000 per year. (This income stream is continuous and constant.) Assume
that the interest rate is 8% compounded continuously. How long will it take for the upgrade to “pay
for itself”? In other words, over what period of time will the present value of the additional profit
generated by the upgrade be equal to the cost of the upgrade itself?

The upgrade will pay for itself in years.

(Please round your answer to the nearest 0.01.)

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