Section 5.4: Applications of the definite integral

1. Find area between two curves, and use it to compute net excess profit and distribution of wealth (Lorenz curves).
2. Find the average value of a function.
3. Use integration to compute the future and present value of an income flow.
4. Define consumer willingness to spend as a definite integral, and use it to study consumers' surplus and producers' surplus.

Annotated slides for Section 5.4.

• Math_1231_slides_5_4_notes.pdf

Please watch the following videos with the prerecorded content for Section 5.4.

1. Area between curves
2. Area between curves: Example 1
3. Area between curves: Example 2
4. Area of compound regions (with example)
5. Net excess profit (with example)
6. Wealth distribution and the Gini index (with example)
7. Average value of a function (with example)
8. Useful life of a machine
9. Future value of an income stream
10. Present value of an income stream
11. Consumer willingness to spend
12. Consumers' and Producers' surplus