Mathematical economics

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Mathematics and Economics are totally linked. For instance, one can use differentiation and integration to find the Elasticities of Demand and Supply.

Following are a few examples:

If the total cost of the firm is given by TC(x) = x³ + 5x + 6 and the target is find the Marginal Cost.

Then take the derivative of TC with respect to x i.e. d(TC)/dx = 3x² + 5. This is the cost of producing one additional unit of output (from x to x+1).

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