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I realized this summer that this allows a computation of the volume of the 4 dimensional ball. I.e. this ball results from revolving half a 3 ball, hence can be calculated by revolving a cylinder and subtracting the volume of revolving a cone. Since Archimedes knew the center of gravity of both those solids he knew this.

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As a remark on criterion 2 of the original question, I find it is not at all necessary to read all of a paper by a master to get some insight. One word in Euclid enlightened me, and before the translation came out, I had already gained most of my understanding of Riemann's argument for RR just from reading the headings of the paragraphs. I learned a proof of RR for plane curves from reading only the introduction to a paper of Fulton. A single sentence of Archimedes, that a sphere is a cone with vertex at the center and base equal to the surface, makes it clear the volume is 1/3 the surface area. Moreover this shows the same ratio holds for a bicylinder, whereas the area of a bicylinder is considered so difficult we do not even ask it of calculus students. So one should not be discouraged by the difficulty of reading it all of a masters' paper, although of course it wouldn't hurt.

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A related question occurs in many cases since the classical arguments of the "ancients" are preserved but only in classical texts such as Van der Waerden in algebra, and newer books have found slicker methods to avoid them. E.g. the method of LaGrange resolvents is useful in Galois theory for proving an extension of prime degree in characteristic zero is radical. There are faster less precise methods of showing this such as Artin/Dedekind's method of independence of characters, but the older method is useful when trying to use Galois theory to actually write down solution formulas of cubics and quartics. Thus today we often have an intermediate choice of reading modern expositions which reproduce the methods of the creators, or ones that avoid them, sometimes losing information. (This is discussed in the math 843-2 algebra notes on my web page, where, being a novice, I give all competing methods of proof.)

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