Application of Calculus
Mathematics Solutions from Chapter -1 - Application of Calculus
This chapter discusses the basic concepts of economics like fixed and variable costs, revenue, and profit. It explains how to find the marginal cost using the first derivative. It also highlights the concept of minimum cost and maximum revenue.
Practice Other Topics from Application of Calculus
This topic highlights the functions related to business and economics. It covers some basic concepts like fixed cost, variable cost, and average cost. In addition, it describes terms like average revenue, profit, and loss.
In this topic, we will discuss the formula to find out the average cost of any product. We will also learn that average cost is the sum of average fixed cost and average variable cost. Furthermore, it briefs on marginal cost.
In this topic, we will get information about average and marginal revenue. We will discuss the ways of finding these revenues. Moreover, we will deal with some illustrative examples related to these concepts.
In this topic, we will learn how to maximize the total revenue and profit. We will go through some examples in which we need to find out the total revenue using calculus. It also describes the profit function in detail.
This topic explores some methods of minimizing the average cost of any function. It further highlights the graphical method to do the same. In addition, it covers some examples to teach us in a better way.
In this topic, we will learn how to determine the cost function and average cost function related to the number of units produced. Furthermore, we will discuss some benefits of determining these functions.
In this topic, we will discuss the ways of determining the revenue and demand function from marginal revenue function. We will also learn why we need to determine these functions. Moreover, it gives some examples related to these functions.
