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Mathematical economics

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Revision as of 07:14, 23 January 2008 by wikademia>Avte (New page: The Mathematics and Economics are totally linked, One uses Differeniation and Integration to find the Elasticites of Demand and Supply. Following are few Examples: If the total cost of t...)
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The Mathematics and Economics are totally linked, One uses Differeniation and Integration to find the Elasticites of Demand and Supply.

Following are 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 use derivative of C with respect to x i.e. d(TC)/dx = 3x2 + 5.

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