Given the Graph Below, Use 5 Rectangles to Estimate the Area

question 3

Essay

Given the graph below, use 5 rectangles to estimate the area under the graph from x = 0 to x = 5. Compute L₅ (sample points are left endpoints), R₅ (sample points are right endpoints) and M₅ (sample points are midpoints). Which of the estimates appears to give the best estimate? Justify your answer.

---

Definitions:

Indifference Curves

A graph representing different bundles of goods between which a consumer is indifferent, showing the trade-offs a consumer is willing to make between two goods.

Bowed Inward

Describing a curve, specifically in the context of an economics graph, that concaves towards the origin, indicating increasing returns or efficiency.

Upward Sloping

refers to a graph line that shows an increase in one variable as another variable increases, commonly seen in supply curves.

Budget Constraint

An economic model that represents all the combinations of goods and services a consumer can afford given their income and prices.