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Calculus

This document discusses key concepts in introductory calculus that are relevant for business, economics, and social sciences. It covers linear relationships and functions, including slope, different forms of linear equations, and how to graph linear lines. It also discusses quadratic functions, including how to determine if a parabola opens upward or downward, how to find the vertex and intercepts, and how to graph quadratic equations. Examples are provided for each concept to demonstrate how to apply the mathematical concepts to economic and business problems.

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181 views100 pages

Calculus

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tuğçe

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Available Formats

Download as PDF, TXT or read online on Scribd

1

CALCULUS OVERVIEW Dr. Erdost TORUN

This document aims to emphasize critical concepts in the book titled “ Introductory

Mathematical Analysis for Business, Economics, and the Life and Social Sciences by E.

Haeussler, R. Paul, R. Wood; 13rd edition.” Please study the concepts mentioned in this

document by using the aforementioned book.

 CHAPTER - 3

✔Lines/Parabolas/Systems

y 2 − y1 change in y ∆y
Slope of a line = =
m: =
x 2 − x1 change in x ∆x

For example, we know from the deman analysis in economics, demand and price of ordinary

goods have the reversely proportioned relationship.In other words, if the price of an ordinary

good increases, then demand of that good decreases. Thus, if we assume that this relationship

Introductory Mathematical Analysis for Business, Economics, and the Life and Social Sciences by E. Haeussler,
R. Paul, R. Wood; 13rd edition.
This document cannot be published, sold, reproduced, transferred, distributed or otherwise commercially
exploited in any manner whatsoever.
Noncommercial use for the course only.
2

is linear, then the straight line with negative slope demonstrates this demand-price

relationship:

demand line for ordinary goods: price ↑ demand ↓ : p ↑ q ↓

↓
Describe this relationship as line because
we assume the relationship is linear.
EXAMPLE

In Price – Demand Analysis (P/Q analysis) of a given commodity, when price is 4$ the

demand level become 2 units; and demand increases to 8 unit when prices decreases to 1$.

Thus we have information on the P/Q coordinates:

p1 = $4 ⇒ q1 = 2 A(2,4) and p 2 =$1⇒ q 2 =8 B(8,1).

p 2 − p1 1 − 4 1
Slope = m = = =− So; If P increases $1, Q decreases 2 unit or vice versa.
q 2 − q1 8 − 2 2

Thus, basically speaking, slope contains information on variables. For example, positive slope

means the variables have positive relationship, vice versa.

★ If you know slope, ‘m’, and one coordinate, they can formulate the line, thus linear

relationship. It’s called ‘point-slope form of line’

y 2 − y1
m= ⇒ y 2 − y=
1 m( x 2 − x1) or more simply;
x 2 − x1

⇒ y − y1= m( x − x1) ⇒ ‘Equations of line’ ⇒ ‘y1’ and ‘x1’ are known point coordinates.

EXAMPLE

let's find the function of line passing through (-3,8) and (4,-2) ;

y 2 − y1
m=
x 2 − x1

−2 − 8 10
m= = − ⇒ y − y1= m( x − x1)
4 − (−3) 7

10
So, you can use any ‘known point coordinate’ ⇒ y − 8 =− ( x − (−3)) ⇒ 10 x + 7 y − 26 =0
7

✔(Linear) Line Function

Another line function form is “slope-intercept form:

=
y mx + c where m = slope and c = constant (intercept)

EXAMPLE

=
y 5(3 − 2 x) ⇒ transform to ‘slope-intercept form’ to see the slope and intercept.

⇒=
y 5(3 − 2 x)

⇒ y=
−10 x + 15

So; If ‘x’ increases 1 unit, ‘y’ decreases 10 unit, vice versa. When=x 0=
; y 15

Intercept has special meaning in economics, it defines the “expected value of y when x equals

to zero”

EXAMPLE

p=
−0.1q + 2 p1= 20 TL 20 =−0,1q + 2 ⇒ q =−180

p 2 = 10TL 10 =−0,1q + 2 ⇒ q =−80

★ Lines are linear: When relationship between X and Y are linear, function can be written as

‘ f ( x=) ax + b ’

EXAMPLE

Input/Output equations that identifies the production process, such as:

Input ⇒ Production Process ⇒ Output

This process can be represented via function, for example:

output =
−2(input ) + 50 ⇒ y =−2 x + 50

★Any linear (or nonlinear) function can be visualized on coordinate system. If you have the

function on any economics process, you may find and investigate any coordinates:

EXAMPLE

=
y f ( x=) 2 x − 1 ⇒ Find 2 point coordinates, such as expected value of y when x is 1:

X Y

0 2(0) − 1=−1

1 2(−1) − 1=1

EXAMPLE

An adviser goes to printer and is charged $89 for 100 copies of one flyer and $93 for 200

copies of another flyer. The printer charges a fixed setup cost plus a charge for every copy of

single page flyers. Find a function that describes the cost of a printing job, if X is the number

of copies made.

SOLUTION

Let’s define: X=flyer=q units;

Y=cost of flyers:p dollars

X(:q) Y(:p)

93 − 89 4
100 ⇒ $89 ⇒=
m = = 0.04
200 − 100 100

200 ⇒ $93 ⇒ y − y1= m( x − x1)

⇒ y −=
89 0.04( x − 100)

⇒=
y 0.04 x − 4 + 89

=
⇒ y 0.04 x + 85

The printer charges a fixed setup cost plus a charge for every copy of single page flyers, Thus

your total cost funtion would be:

Y=Total cost=Fixed Cost+(Variable Cost).X

y= Your Cost; 85= Fixed Cost; 0.04=Variable Cost

✔Quadratic Functions

Any function that can be written as;

y = ax 2 + bx + c

Recall that roots of the quadratic functions can be calculated by the following formula:

−b ± b 2 − 4ac
X Intercestions =
2a

Basic features of quadratic functions:

a) If a > 0 ⇒ Parabola opens upward

b) If a < 0 ⇒ Parabola opens downward

b b
c) Vertex Coordinates ( − , f (− ))
2a 2a

★Hence, process of graphing parabola;

1. Determine whether it opens upward or downward

2. Find vertex

3. Find intercept, C, for intersection point

4. Find any point if necessary

−b ± b 2 − 4ac
★ X Intercections =
2a

EXAMPLE

g ( x) =x 2 − 6 x + 7 Plot function to coordinate system;

Step 1) a = 1 > 0 graph open upward

−b −b 6
Step 2) Vertex ( , f ( )) ⇒ ( , −2) ⇒ Vertex (3, −2)
2a 2a 2

Step 3) Intercept c = g (0) =7 ⇒ (0 − 0 + 7)

Graph would be like;

EXAMPLE

Demand function for an office supply company's line of plastic rulers is: p = 0,85 - 0,00045q.

Where p is the price (in dollars) per unit when q units are demanded per day by consumers.

Find the level of production that will maximize the manufacturer's total revenue and

determine this revenue.

SOLUTION

Demand Funtion:=p 0,85−0,00045q (p = price and q = unit/quantity)

level of production maximizing your revenue function:

⇒ revenue function: r =
p.q

⇒=
r (0,85−0,00045q )q

⇒=r 0,85q −0, 00045q 2 (Graph open downwards, maximum point in vertex)

−b −b −b −0,85
Vertex( ,f( = )) ⇒ ≅ 944
⇒ 2a 2a 2a 2(−0, 00045)

⇒=
r f (=
x) 0,85q −0, 00045q 2
f (9444) ≅ 0,85(944) −0, 00045(944) 2 ≅ 401.39

⇒ Vertex(944, 401.39)

✔System of Linear Equations

EXAMPLE

3x −4 y =
13
→ Do some algebraic manuplation (such as add/Substitute some variables or
3y + 2x =3

multiply by constant, ...etc) to solve the system.

SOLUTION

3.(3 x − 4 y ) =
(13).3
4.(3 y + 2 x ) =(3).4

9 x − 12 y =
39
+ 12 y + 8 x =
12

So; y =
− 1 and x =
3

★In the equation systems, if one equation is linear, another is nonlinear, substitute linear

equation for nonlinear equation.

EXAMPLE

x 2 − 2 x + y − 7 = 0 → Nonlinear
3 x − y + 1= 0 → Linear ⇒ Substitute this for nonlinear

Hence,

→ 3 x − y + 1= 0 ⇒ y = 3 x + 1 ⇒ x 2 + 2 x + (3 x + 1) − 7 = 0

x= − 3 or x =2
y= −8 y=7
When you solve the equation above; you will find these coordinates:
(−3, −8) (2,7)

✔ Applications of Systems

★In economics, if equations in the system intersect each other; intersections points are called

'equilibrium point'

EXAMPLE ( example on Tax effect on equilibrium example):

=
Let p 0.08q + 50 be the supply equation for a manufacturer’s product, and suppose the

demand equation is: −0.07 q + 65 =

a. If a tax of $1.50 per unit is to be imposed on the manufacturer how will the original

equilibrium price be affected if the demand remains the same?

b. Determine the total revenue obtained by the manufacturer at the equilibrium point

both before and after the tax.

SOLUTION

★Simple Suplly/Demand Function can be defined as follows:

Supply: S: f(All factors affecting supply)

Demand: D: f(All factors affecting demand)

★Equilibrium point can be obtained via solving 'system of supply/demand'

★Since these equations intersect, the intersection point gives the equilibrium point. In other

words, intersection point occur when emand = Supply

So;

BEFORE TAX

Demand1 = Supply1

Demand Equation (Demand1) : p =

− 0.07 q + 65

Supply Equation (Supply1)=

: p 0.08q + 50

→ Quantity Sold = Quantity Bought (At Equilibrium Point) :

0.08q + 50 =
− 0.07 q + 65
= =
q1 100 unit p1 $58 equilibrium1(100,58)

AFTER TAX

Demand1 = Supply2

Demand Equation (Demand1) : p =

− 0.07 q + 65

Supply Equation (Supply2) : =

p 0.08q + 50 + 1.50= =
p 0.08q + 51.5

→ −0.07 q =
+ 65 0.08q + 51.5
→ q=
2 90 p=
2 $58.7

REVENUES

R1 = p1.q1 = 58.100 = 5800

R2 = p2.q2 = (58.7).90 = 5283

✔ Break Even Point

★”break even” literally means you are just ok. (not so good, not so bad, just neutral)

★In economics, break even means NO NEGATIVE OR POSITIVE EFFECT ON THE

SYSTEM, or basically: NO LOSS or NO PROFIT

★Break even occurs when Your Cost = Your Revenue (TC = TR)

Total Cost= Fixed Cost + Variable Cost(q);

Total Revenue = p.q

★Thus break even point:

[Fixed Cost + Variable Cost(q) = Total Cost] = [Total Revenue = p.q]

EXAMPLE

A manufacturer sells a product at $8 per unit, selling all that is produced. Fixed cost is $5000

and variable cost per unit is $22/9.

a. Find the total output and revenue at the break-even point.

b. Find company's profit when 1800 units are produced and find the amount of loss or

profit.

SOLUTION

P = 8
FC = $5000
22
VC = $( )
9

REMEMBER! That for break-even point:

Fixed Cost + Variable Cost(q) = Total Cost So;

22
5000 + q=TC
9
= p=
Re venue .q 8q
22
5000 + q=8q
9
=
q * 900 = = $7200
TR 8.900

★PROFIT = TR – TC

 22 
= 8.(1800) − 5000 + ( ).1800  ⇒ Revenue at 1800 produced level and Cost at 1800 produced level
 9 
= 500

 CHAPTER – 4

✔Exponential and Logarithmic Functions

★Simple exponential function definition:

Exponential function: f ( x) = b x ; b > 0 , b ≠ 1

↓
base

★ Simple Rules:

I. b xb y = b ( x + y )
b x ( x− y )
II. y
=b
b
III. (b x ) y = b xy

IV. (bc) x = b x c x

b x bx
V.
( ) = x
c c

VI.
b1 = b

VII.
b 0 =1

1
b− x =
VIII.
bx
★Exponential functions are generally used for 'Growth Rate' problems.

★Thomas Malthus (1803); ‘population grows geometrically' i.e. → p ( x) = 2t t = time

Whereas, ‘food increases arithmetically’ i.e. → f ( x) =

EXAMPLE

4 t
=
Bacteria population has growth rate function: =
N (t ) 300( ) t time (min)
3

a) Bacteria population NOW ⇒ t =0

b) Bacteria population AFTER 3 minute

SOLUTION

4
a) t =
0 ⇒ N (0) =
300( )0 =
300
3

4
b) t =
3 ⇒ N (3) =
300( )3 ≅ 710
3

✔Graph of Exponential Function

i.e. f ( x) = b x

S1) Find intercept if any

x=
0 ⇒ f (0) =
1 Intercept = (0,1), no X intercept

S2) b > 1 ⇒ Graph rises from left to right f (1) → b ;

⇒ Graph approaches X axis as X becomes more and more NEGATIVE.

S3) 0 < b < 1 ⇒ Graph falls from left to right f (1) → b ;

⇒ Graph approaches X axis as X becomes more and more POSITIVE.

★Draw a function is to set some values as input(X) and calculate output(Y) values.

EXAMPLE

→ y =3 x2

→ X Y

−2 3(2) =
2
81
−1 3( −1) =
2
3
3(0) =1
2
0
3(1) = 3
2
1
3(2) = 81
2
2

SO;

✔Compound Interest Problem

★Growth concept can be understood well through ''compound interest'' (annual growth rate).

=
S P(1 + r ) n
↓
S: Annual Compound
P :Principal Money
r:Interest Rate
n :Interest charge Period

Also

=
S P(1 + PIR)TIP
PIR :Periodic Interest Rate
TIP :Total Interest Period
r
i.e., Quarterly:=
S P(1 + ) 4 n where r denotes annual interest rate
4

EXAMPLE

Suppose you have $100 and bank interest rate (annual) is 0.10. Interest is compounded yearly

(Calculated once in a year!)

What if bank compounds interest rate quarterly?

-calculate interest 4 times in a year!

But interest rate is annual rate, hence bank will use the quarter interest rate of annual rate (4)

= quarter interest rate

r
Hence we apply our formula becomes; Quarterly:=
S P(1 + ) 4 n
4

EXAMPLE

$1 in invested to bank for 100% annual interest rate. 1 year later;

S =1(1 + r ) n =(1 + 1)1 =$2

★What if we calculate n times in a year continuou ;

n +1 n
n
1 1
S=
1(1 + )1.n =
1(1 + ) n =
1( )
n n n

★What if we calculate n times in a year continuously? ;

1
lim(1 + ) n =
e
n
n→∞

Simple exponential rate;

n +1 n
n ( )
n

1 ⇒ 2

2 ⇒ 2.25

  . .

∞ ⇒ ≈ 2.71

→ Even if bank calculates ''daily'' your yield would be approximately 2.71

→ If ''n'' increases higher and higher, component rate become ''continuous component''.

→ f ( x=) e ≅ (2.71)
x x

→=
y ex ⇒

✔Logarithmic Function

Logarithmic Functions are the inverse of exponential functions.

Why logarithm?

★Makes calculation with high numbers easier.

★Means ''change between consecutive numbers'': percentage change: increment in the

variable

★Human senses are not ''trustable'', our perception based on our senses are based on

logarithms, not based on absolute changes.

★f(x) : real number itself

★The base cannot be negative. (Only positive!)

EXAMPLE

USA GDP; log10 f ( x) → change % in USA GDP

Recall that logarithm is the inverse of the exponential process, hence relationship is obvious

that: Exponential function: =

x b y ⇔ Logarithmic function: y = log10x

REMEMBER! :

→ log b b x= X (because; log b b x = x.(log bb )= x

(1)

→ log X ⇒ log10X Common Log

→ ln X ⇒ log eX Natural Log

★ Simple Logarithmic Rules

I. log b ( x.y ) = log b ( x ) + log b ( y )

II. logb(x / y) = logb(x) - logb(y)

III. logb(x y) = y · logb(x)

IV. logb(c) = 1 / logc(b)

V. logb(x) = logc(x) / logc(b)

VI. logb(1) = 0

VII. logb(b) = 1

VIII. log b b r = r

IX.
log b 1 ( m) = -log mb

log b m
X.
b =m

EXAMPLES

→ log 2x = 4 ⇒ 24 = x ⇒ x =16
→ ln( x + 1) = 7 ⇒ x + 1 = e7 ⇒ x = e7 − 1
→ log x 49= 2 ⇒ x=
2
49 ⇒ =
x 7 x≠−7
1
→ log x   =− 1 ⇒ x −1 =6−1 ⇒ x =6
6
→ log12x − x = 2 ⇒12 − x= x 2 ⇒ x 2 + x − 12= 0
⇒ ( x + 4)( x − 3)
= 0 ⇒=x 3 x≠− 4
ln 3 + 5
→ 2 x= ln 3 + 5 ⇒ x=
2
ln 4
→ e5=x 4 ⇒ ln(e5 x =) ln 4 ⇒ 5 x ln e= ln 4 ⇒ X=
5

( )
ln x 2
→e =e log e x 2
= x2
→ 10 = 25 ⇒ x= 25 ⇒ =
log x 2
2
x 5 x≠−5

EXAMPLE

x5 ( x − 2)8
Let's write ln 3 in terms of lnx, ln(x-2), ln(x-3)
x −3

SOLUTION

1
 x ( x − 2) 
5 8 3
= ln  
 x −3 
1  x 5 ( x − 2)8 
= ln 
3  x − 3 
1
= ln x 5 + ln( x − 2)8 − ln( x − 3) 
3
1
= [5ln x + 8ln( x − 2) − ln( x − 3) ]
3

EXAMPLE

Let's write ln 3 + ln 7 − ln 2 − 2ln 4 as a single equation.

SOLUTION

=ln 3 + ln 7 − ln 2 + ln 42 
= ln(3.7) − ln(2.42 ) 
21
= ln 21 − ln 32 = ln
32

EXAMPLE

Let's write following equation in terms of lnx, ln(x+1), ln(x+2)


1 5 x 2 
ln  .
 x+2 x +1 
 

SOLUTION

 2

= ln  
5
x
 1 
 ( x + 2)( x + 1) 5 
 
 52 −1
− 
1
= ln  x ( x + 2) ( x + 1) 5 
 
2ln x ln( x + 1)
= − ln( x + 2) −
5 5

EXAMPLE

Suppose you have demand function p =121−0.1q . define the function of q in terms of p.

SOLUTION

log P = log 121− 0.1q 

⇒ log P =
(1 − 0.1q ) log12
log P log P
⇒ − 1 = −0.1q ⇒ − + 1 = 0.1q
log12 log12
 log P 
⇒ 10 1 −  =
q
 log12 

 CHAPTER - 10

✔Limits

Let’s focus two famous math questions about limit to understand the concept of limit;

Question (1)

( x − 1)
f ( x) = , Hence, f ( x) 1?
( x − 1)

⇒ PARTLY TRUE BUT NOT EXACTLY TRUE ;

! because f(x) is not defined at x=1 point

(1 − 1) 0
x= 1 ⇒ f (1) = =→ UNDEFINED in mathematics without either limit
(1 − 1) 0
or the information that you have to add: "x ≠ 1" instead of just saying f(x)=1 ,
⇒ Thus TRUE answer is : f ( x) = 1 , x ≠ 1!

Graph of f(x);

→ What about points that are so close to x=1?

★Even if x so close to 1 points. ( = lim ) ,

x→1
f ( x) is also closing to '1'

⇒ Hence, we could say x→1

lim f ( x) =1

Question (2)

 x 2 , x ≠ 2 ⇒ Part 1 → This part is defined when x ≠ 2.

f ( x) =  
1, x =2 ⇒ Part 2 → This part is defined when x=2. 

Lets plot the function;

BE CAREFUL!

What if X so close to point 2 ?

⇒ lim f ( x) =
4
x →2

REMEMBER!

If limit of function is not same when X approaches to a specified point from left and from

right, than limit of that function does NOT exist.

i.e.

lim f ( x) = 3
here, x→2+

lim f ( x) =1
here, x→2−

→ lim− f ( x) =
1≠ lim+ f ( x) =
3 ⇒ lim f ( x) DOES NOT EXISTS!
x→2 x→2 x→2

→ TWO SIDED LIMITS EXISTS

=
lim− f ( x) 1 =
lim+ f ( x) 3
x→2 x→2

★Properties of Limits

I. The limit of a constant function is the constant, if f(x)=c:

lim = c
x →a

II.
lim x n a n for any positive integer x → a
x →a

∀ lim f ( x) and lim g ( x) exist ;

x →a x →a

a ) lim [ f ( x) ± g ( x)=] lim f ( x) ± lim g ( x)

x →a x →a x →a

III. b) lim [ f ( x).g ( x) ] = lim f ( x).lim g ( x)

x →a x →a x →a

c) lim c. f ( x) = c.lim f ( x)
x →a x →a

if lim f ( x) and lim g ( x) exist ;

x →a x →a

 f ( x)  lim f ( x)
IV. lim  = x →a
→ lim g ( x) ≠ 0
x →a g ( x ) 
  lim
x →a
g ( x) x →a

V.
lim n f ( x) = n lim f ( x) → lim f ( x) > 0
x →a x →a x →a

VI. If the rules above does NOT work directly; then transform functions via 'Algebraic

Manuplation' or 'Factorization'.

EXAMPLES

→ lim 7 =
7
x →2
→ lim 7 =
7
x →−5

→ lim x 4 =
(−2)4 =
16
x →−2

→ lim x 2 =
62 =
36
x →6

→ lim( x 2 +=
x) lim x 2 + lim x ⇒ 4 +=
2 6
x →2 x →2 x →2

→ lim ( x + 1)( x − 3)  =lim( x + 1).lim( x − 3) ⇒ 3(−1)=−3

x →2 x →2 x →2
3 7
→ lim(3 x − 5) =lim 3 x − lim 5 ⇒ − 5 =−
x→
1
x→
1
x→
1 2 2
2 2 2

→ lim (q3 − q=
+ 1) lim q3 − lim q + lim 1 ⇒ (−1)3 − (−1)
= +1 1
q →−1 q →−1 q →−1 q →−1

→ lim 3x3 =3 lim x3 =3(−2)3 =24

x →−2 x →−2

2 x 2 + x − 3 lim(2 x 2 + x − 3) 2(1)2 + 1 − 3
→ lim = x →1
= 3 =
0
x →1 x +4
3
lim x3 + 4 (1) + 4
x →1

→ lim t 2 + 1= lim t 2 + 1= 42 + 1= 17
t →4 t →4

→ lim 3 x=
2
+7 3 lim( x 2=
+ 7) 3 (3)2 + 7= 3
16= 3
24= 2 3 2
x →3 x →3

✔Algebraic Manuplation

 x 2 + 1 1−1 0
lim   → traditional rule based solution → =
x→−1 x + 1 − +
  1 1 0

★Even for limit denominator can NOT be ZERO. Transform it in a simplest way. So;

( x + 1)( x − 1)
lim =lim( x − 1) =
−2
x →−1 ( x + 1) x →−1

EXAMPLES

x2 + 2x x( x + 2)
→ lim ⇒ lim =
−2
x →−2 x + 2 x →−2 ( x + 2)

x2 − x − 2 ( x − 2)( x + 1)
→ lim ⇒ lim ⇒ lim( x + 1) =
3
x→2 x−2 x → 2 ( x − 2) x → 2

→ f ( x) = x 2 + 1;
f ( x + h) − f ( x )
⇒ lim
h →0 h
( x + h) 2 + 1 − x 2 − 1
⇒ f ( x + h) = ( x + h) + 1 = lim 2

h →0 h
h 2 + 2 xh (2 x + h)h
⇒ lim= lim ⇒h≠0
h →0 h h → 0 h
⇒ lim(2 x + h) = 2x
h →0

∴ 2x is the differentiation of x 2 +1.

Hence limit is the core point for differentiation!

✔A special limit

1
lim(1 + x) =
e x
x →0

★So far we talked about 'two-sided limits'. Although a function does not have (two sided)

limits, it may have one sided limit.

i.e.

f ( x) {1 if x > 0}
=
{−1 if x<0 }
★f(x) does NOT has limit (NO two sided limit) hence, it has one-side limit.

lim f ( x) = 1 , lim− f ( x) = − 1
x →0 + x →0

→ Approaching → Approaching
from right from left

✔Infinite Limit

Limit approaches either −∞ or + ∞

i.e.

1
lim
x →0 x2
Graph;

★For the X which is small so small that close to zero, f(x) will be very very high: ∞

Think that if you had x=10100 , then what the y would be

↓
1
hence, lim =+ ∞ (it means limit doesn't exist since we could not find any specific number)
x →0 x2

★If a limit goes to infinity, that function has no limit. In order for the function to have its

limit, it must approach a real number.

★ " LIMIT ∞ '' means '' NO SPECIFIC LIMIT ''

EXAMPLE

2
lim + =
?
x→−1 x +1

SOLUTION

⇒ x= a number approaching '-1' from left.

⇒ Hence : x can be − 0.9999, − 0.999999, or 0.9999999
↓ ↓ ↓
f ( x) = 20.000 1.000.000 10.000.000
⇒ Hence f ( x) approach 'very high and unpredictable number'
2
⇒ lim+ =+ ∞ (limit does not exist)
x→−1 x + 1

2
⇒ by using some logic: lim− =− ∞
x→−1 x + 1

EXAMPLES

x−2
→ lim = ?
x→2 x 2 − 4

x−2
⇒ lim
x → 2 ( x − 2)( x + 2)

1 1
⇒ lim =
x→2 x + 2 4
∴Even if limit seems does not exist use equation manipulation
to use most plain form of equation than try to find limit.
5 x 2 + 14 x − 3
→ lim =?
x →−3 x 2 + 3x
(5 x − 1)( x + 3)
⇒ lim
x → −3 x( x + 3)
5 x − 1 −16 16
⇒ lim ==
x →−3 x −3 3

✔LIMITS AT INFINITY

lim f ( x) or x → −∞
x →∞

in this type of question;

Imagine that x =101000 if lim f ( x)
x →∞

Imagine that x = − 101000 if lim f ( x)

x →−∞

1 1
=
i.e. lim 0=
lim 0
x →∞ x x →−∞ x

1
★ Because, approaches to zero even x approach + ∞ or − ∞
x

x ↑ f ( x) ↓ ↓x ↑ f ( x)
100 0.01 −100 −0.01
1000 0.001 −1000 −0.001
1000 0.0001 −10000 −0.0001

EXAMPLES

4
→ lim =
0
x→∞ ( x − 5)3

→ lim 17 − x =
?
x→−∞

⇒ lim 17 − (−∞)
x→−∞

⇒ lim 17 + ∞ =∞
x→−∞

✔Limit at infinity for rational function

If f(x) is a rational function and an x n and bn x n

are the terms in the numerator and denominator,
respectively,with the greatest powers of x, then
 an x n + an −1 x n −1 + ...   an x n 
i.e. lim 
x →+∞ or −∞ b x m + b m −1  ⇒ x →+∞
lim  
 m m −1 x + ...  or −∞ b x m
 m 

∞
★
form :
∞ In order to eliminate this uncertainty, the fastest growing expression in the

numerator and the denominator are placed in parentheses.

★n → ∞ while, (a ≠ 1 a > 0)

★n
n
> n ! > a n > n a > log a n

EXAMPLES

x3 + 2 x + 5 x3 1
→ lim =? ⇒ lim =−
x →∞ −5 x 3 + x − 10 x →∞ −5 x 3 5
4x2 + 5 4
→ lim 2 = ? ⇒ lim = 2
x →∞ 2 x + 1 x →∞ 2

x 4 − 3x x4 1 1
→ lim = ? ⇒ lim ⇒ lim − x 3 = − (−∞)3 = ∞
x →−∞ 5 − 2 x x →−∞ −2 x x →−∞ 2 2
x2 −1 x2 1
→ lim =
? ⇒ lim 2 =
x →∞ 7 − 2 x + 8 x 2 x →∞ 8 x 8

x2 − 2x
→ lim( x − 2 x) =
2
? ⇒ lim 0
⇒ lim x 2 =
∞
x→∞ x→∞ (1.x ) x→∞

x x 1 1
lim =
? ⇒ lim 2 ⇒ lim ( . )
x→−∞ (3 x + 1) 2 x→−∞ 9 x x→−∞ 9 x

1
⇒ .0 = 0
9
x2 −1
→ lim =
?
x →0 7 − 2 x + 8 x 2

∴ you can not use the rule above

but you can use the rule:
f ( x) lim( f ( x))
⇒ lim =
g ( x) lim( g ( x))
lim( x 2 − 1) 8 −1 1
⇒ x →0
= =
−
lim(7 − 2 x + 8 x ) 7 − 0 + 0
2
7
x →0

✔Continuity of Functions

★f(x) continuous at if and only if the following three conditions are met:

∴ f (a ) exists
∴lim f ( x) exists
x →a

∴lim f ( x) =
f (a)
x →a

★If f(x) is not continuous at a then it is said to be discontinuous at a and a is called a point of

discontinuity of f(x).

 CHAPTER – 11

 Before going further, let me briefly relationship between limit and derivative ( and

integration): Actually derivative denotes “very small change in the function f(x)”. Since

slope of a given function measures the changes of that function, derivative means also the

slope of the function. Recall that “very small change means” limit when the change in the

function approaches to zero. Let delta  denote the “change”. Thus so small percentage
change means  appoaches to zero, in other words: “very small change of f(x):

f ( x +) − f ( x)
lim( ) = f ′( x) : derivative of f(x)
 →0 
 in f ( x) makes;
X Y
If x=1⇒ f (1) = ...
x =⇒
0.1 f (0.1) =...
 x=
0.001⇒ f (0.001) =
...
 
f ( x +) − f ( x)
→ 0⇒ lim( ) =f ′( x) : derivative of f(x)
 →0 

f ( x +) − f ( x)
lim( ) = f ′( x) : derivative of f(x)
 →0 

We can find this change by calculating the slope. We find the change in the function by

calculating the derivative.

Change function in sales.

The shaded area is found by calculating the integral because integral is the reverse of

derivative process. In other words, integral can be defined “the sum of small changes of

function (or, Y) multiplied by small changes in X.

✔Differentiation=Derivative

Differentiation is the slope of function. If function is complicated, then differentiation makes

you understand ''changes in function'' more easily.

dy f ( x + h) − f ( x )
= f '( x=
Slope of tangent ) = lim
dx h→0 h

i.e. ⇒ f ( x) = x ⇒ f '( x) =?
f ( x + h) − f ( x ) x+h − x
=
⇒ f '( x) lim ⇒ lim
h →0 h h →0 h
 x + h − x  x + h + x 
⇒ lim   . 
 x + h + x 
h →0
 h
x+h−x 1
⇒ lim ⇒ lim
h →0 h( x + h + x) h →0 x+h + x
1 1
⇒ =
x+0 + x 2 x

★ Differentiation Rules

dc
I. If c is constant ⇒ =
0
dx

II. f ( x) =⇒
xa a.x a−1
f '( x) =

d
III. ( f ( x) ± g ( x)) = f '( x) ± g '( x)
dx

EXAMPLES

dx 2
→ = 2x
dx
d ( x)
→ =1.x 0 =1
dx
d ( x −10 )
→ = − 10 x −11
dx
−3
1 3 − 52
→ h( x ) = = h '( x) = ? ⇒ h( x) =⇒x 2
h '( x) =
− x
x x 2
→ f ( x) =⇒ x −12 f '( x) =− 12 x −13
n4 5 5 − 43
→ f (n) = − 1 ⇒ f '(n) =
n + n
3

4 3
n3

★Derivative shows ''Rate of Change''. Rate of change in total cost function is called

''Marginal Cost''. Hence marginal cost function is;

d (TC )
=
MC TC (q ) ⇒
=TC '(q ) MC (q )
dq

★Marginal Cost : Change in TC when unit of production (q) increases 1 unit.

TC
★The Average Cost per unit is:
C=
q

TR
★The Average Revenue per unit is:
R=
q

EXAMPLE

Assume that the cost function:=C f=

(q ) 0.1q 2 + 3 , then find the Marginal Cost (MC) when

q=4 unit?

SOLUTION

dTC
=MC = 0.2q ⇒ MC (4) = 0.2 x 4 =
0.8
dq
If production ( q ) increases: from 4 → 5,
MC increases $0.8

EXAMPLE

5000
=C 0.0001q 2 − 0.02q + 5 +
Average cost function is: q find the marginal cost when 50

unit are produced?

SOLUTION

TC
Average Cost =
q
TC = C .q ⇒ TC = 0.0001q 3 − 0.02q 2 + 5q + 5000
dTC
MC = =0.0003q 2 − 0.04q + 5
dq
=
MC (50) 0.0003(50) 2 − 0.04(50)
= + 5 3.75

dTR
★ Marginal Revenue = MR =
dq

REMEMBER!

You have function f(x)

Rate of change= f ′(x)
f ′( x)
Relative rate of change =
f ( x)
f ′( x)
Percentage Rate of change = x100%
f ( x)

EXAMPLE

For a chocolate manufacturer, the revenue obtained from the sale of q units of a product is

given by:=r 30q − 0.3q 2

a) How fast ''r'' changes with respect to q ?

⇒ Differentiation!
dr
⇒ =30 − 0.6q
dq

b) Find the relative rate of changes in r?

r' 30 − 0.6q 30 − 6
=
⇒ q 10 and
= = ≅ 0.09
r 30q − 0.3q 2 300 − 30

c) Find percentage rate of change?

⇒ Percentage rate of change = Relative rate of change x 100%

r'
⇒ x100% =
9%
r

★Product Rule

If f(x) and g(x) are differentiable functions, then the product f(x)g(x) is differentiable;

d
x ) g ( x ) ) f '( x ) g ( x ) + f ( x ) g '( x )
( f (
=
dx

EXAMPLE

Find the slope of curve: y = (2x 2 − x + 3)( x 3 + x + 1)

at po int :(1,12)

SOLUTION

⇒ Function y: (2 x 2 − x + 3)( x 3 + x + 1)
⇒ y=' (2 x 2 − x + 3) '( x 3 + x + 1) + (2 x 2 − x + 3)( x3 + x + 1) '
⇒ y =' (4 x − 1)( x 3 + x + 1) + (3 x 2 + 1)(2 x 2 − x + 3)
⇒ f (1) =(3).(3) + (4).(4) =25 → Slope value when x coordinate is 1!

★Quotient Rule

d  f ( x)  g ( x) f '( x) − f ( x) g '( x)
=
dx  g ( x)  [ g ( x)]
2

EXAMPLE

1000
Demand function of candy manufacturer: P = Find MR function and MR value at q= 45
q+5

SOLUTION

1000 1000q
R or TR =p.q ⇒ .q ⇒
q+5 q+5

dTR  1000q ′ (q + 5)′(1000) − (1000q)(1)

MR = ⇒   ⇒
dq  q+5  (q + 5) 2
5000
→ MR function
(q + 5) 2
5000
=
MR(45) = 2
(45 + 5) 2
INTERPRET : If demand increases from 45 to 46 units, then revenue increases $2.

✔Consumption Function

The consumption function c=f(I) expresses a relationship between the total national income

(I) and the total national consumption (C).

The marginal propensity to consume is defined as the rate of change of conmsumption with

respect to income.

dC
★Marginal Propensity to Consume:
dI

The marginal propensity to save indicates how fast saving change with respect to income

dS
★Marginal Propensity to Save:
dI

If we assume that the difference between income and consumption is saving:

★ S= I −C

dS dI dC dC
=− =
1−
★ dI dI dI dI

★marginal propensity to save = 1- marginal propensity to consume

(1-MPC = MPS)

EXAMPLE

Suppose that a cracker shop's consumption function is given by:

9 I + 0.8 I 3 − 0.3I
C= Where C and I are expressed in billions of dollar;
I

Find the marginal propensity to save when income is $25 billion.

SOLUTION

⇒ MPS =
1 − MPC
dc
⇒ MPC =
dq
9 I + 0.8 I 3 − 0.3I
⇒C=
I
⇒ C =9 + 0.8 I 2 − 0.3 I
1
⇒ C =9 + 0.8 I − 0.3 I 2
→ Simplifying your equation may make your job easier.

 ′
 1
 −
1
⇒ MPC =9 + 0.8 −  0.3 I   ⇒ 0.8 − 0.15 I 2
2

   
1 1
− −
⇒ MPS =
1 − 0.8 + 0.15 I 2
⇒ 0.2 + 0.15 I 2

1
−
⇒ MPS (25) =
1 − 0.8 + 0.15(25) 2
=
0.23

★Chain Rule

If y is a differentiable function of u and u is an differentiable function of x, then y is a

differentiable function of x:

y f=
(u ) and u g ( x)

y = f ( g ( x))

dy dy du
= .
dx du dx

EXAMPLE

=
y 8u + 5
=
u 2x − 3
dy dy du
⇒ = . = 8.2 = 16
dx du dx

★ Power Rule

dy
=y u=
a
where u f ( x),=
then , a.u ( x) a −1.u ′( x)
dx

EXAMPLE

Use the power rule to find f′(x) of f (=

x) (5 x − 4)3 .

SOLUTION

u = (5 x − 4) ⇒ y = u 3
du dy dy du
=5⇒ = . = 3u 2 5 =15(5 x − 4) 2
dx dx du dy
OR
dy dy
= a.u ( x) a −1.u ′( x) ⇒ = 3(5 x − 4) 2 5
dx dx
OR
⇒ f (=
x) (5 x − 4)3
⇒ (5 x)3 + 3(5 x) 2 (−4) + 3(5 x)(−4) 2 + (−4)3
⇒ f ( x) = 125 x3 − 300 x 2 + 240 x − 64
⇒ f ′( x) =125(3) x3−1 − 300(2) x 2−1 + 240
⇒ f ′( x) = 375 x 2 − 600 x + 240

EXAMPLE

1
=y = f ′( x) ?
x2 − 2

SOLUTION

⇒ y = ( x 2 − 2) −1
⇒ y′ =
a.u ( x) a−1.u′( x)
2x
⇒ y′ =
− 1( x 2 − 2) −2 (2 x) =
− 2
( x − 2) 2

EXAMPLE

 2e + 5  dn
4

n =  ?
 e + 1  de
2

SOLUTION

Use power rule first ;

 2e + 5 
⇒=u ( x)  2 = ⇒ n (u ( x)) 4
 e +1 
⇒ n′ = 4.(u ( x))3 (u ( x))1
 2e + 5   2e + 5 
3 1

⇒ n′ 4  2   2  → Use Quotient Rule !

 e +1   + 1
e  
↓
(e + 1)(2) − (2e + 5)(2e)
2
⇒
(e 2 + 1) 2

!Hence, you have to use all rules to make function being easily calculated and
understandable.

EXAMPLE

A ice cream manufacturer determines that m employes will produce a total of q units of ice
cream per day. The relationship of m and q is defined as follows;
10m 2
q=
m 2 + 19
900
if demand function is; p =
(q + 9)
find the ''marginal revenue product'' (MRP), when m = 9?
SOLUTION

MRP is the marginal effect of employees on revenue through production process

dr
⇒ MRP =
dm
dr dr dq
⇒ Hence, = .
dm dq dm
 900  900q
⇒ r= p.q →   q=
 q+9 q+9

dr  900q ′ (q + 9)(900) − (1)(900q ) 8100

⇒=  =  =
dq  q + 9  (q + 9) 2 (q + 9) 2
2 1 
1 1
−
 ′ ( m 2
+ 19) 2
(20 m ) − (10 m )  ( m 2
+ 19) 2
(2 m ) 
dq  10m 2   2 
⇒ = =
dm  2 1 
2 
m + 19
2

 ( m + 19) 
⇒ to estimate MRP m = 9 you need to calculate '' q ''
corresponds to ''m'' !
10(9) 2
⇒ m= 9 ⇒ q= = 81 → q value corresponds to m = 9 !
9 + 19
2

 dr   dq 
⇒ MRP M = 9 =
 .   =10.71
 dq q = 81  dm
   m=9 

 CHAPTER – 12

✔ Differentiation of Logarithmic Functions

RULES

d 1
1) = (ln x ) for x ≠ 0
dx x
d f ′( x )
2) = (ln f ( x ) ) for x ≠ 0
dx f ( x)
d 1 du
3) u =
f ( x) ⇒ (ln u ) =. for u ≠ 0
du 
u dx
↓

OR: u′
d 1 du
=
4) log b u . for u > 0
dx (ln b )u dx

ln u
PROOF : log b u = ⇒
ln b
ln u ′
ln b
1
( )1
= ( ln u )′ = . .
ln b
1 du
ln b u dx
( )

EXAMPLES

→=y ln( x 2 + 1) =
y′ ?
dy dy du 1 2x
⇒ y = ln u ⇒ = . and ( x 2 + 1) = u ⇒ .2 x = 2
dx du dx u x +1

→=
y ln(2 x + 5)3 =
y′ ?
u′ 3.2 6
⇒ y =3ln(2 x + 5) and (2 x + 5) =u ⇒ y′ =3. ⇒ ⇒
u 2x + 5 2x + 5

→
= y ln 3 (2 x + 5)=y′ ?
2
⇒
= y′ 3ln 2 (2 x + 5).
2x + 5

→=y log(2 x + 1)= y′ ?

ln(2 x + 1)
⇒ log(2 x + 1) = and 2 x + 1 =u
ln10
ln u 1 u′ 1 2
⇒=y ⇒= y′ . ⇒= y′ .
ln10 ln10 u ln10 2 x + 1

✔ Differentiation of Exponential Functions

RULES

d
1) (e x ) = e x
dx
d u du d u
=2) (eu ) e= or , (e ) e u u ′
dx dx dx
d du d u
=3) (b u ) b=
u
(ln b) or , (b ) b u (ln b)u ′
dx dx dx
PROOF
convert b u to exponential function through equation of ;
b = e ln b ⇒ b u = e (ln b ) u
d u d (ln b ) u
= (b ) = (e (ln b)u )′ e (ln b ) u (ln b)u ′
) e (ln b ) u (=
dx dx

EXAMPLES

→ y e x +=
= y′ ?
3
2x

du
⇒ x 3 + 2 x =u ⇒ y =eu ⇒ y′ =eu . ⇒ e x + 2 x .(3 x 2 + 2)
3

dx
d x
→ (4 ) = ?
dx
⇒ 4= eln 4 ⇒ ( (eln 4 ) x )
d
dx
d u du
⇒ ln 4.x = u⇒ e ⇒ eu ⇒ 4 x ln 4
dx dx
→
= y 52 x = y′ ?
3

⇒ 5= eln 5 ⇒ y= e(ln 5)2 x

⇒ (ln 5)(2 x3 ) = u ⇒ y′ = eu u′
⇒ y′ =
3
e(ln 5)2 x (ln 5.6.x 2 )
⇒ y′ =
3
52 x (6.ln 5.x 2 )

✔Elasticity

Elasticity of demand measures how a change in the price of a product will affect the quantity

demanded. That is, it refers to response of demand to price changes.

Elasticity ≅ Rate of Change ≅ Differentiation

% ∆ in quantity
ED  η (eta) = Elasticity symbol in Greek
% ∆ in price
( q + h) − q h Note:
.100%
q q Simple math division rule:
η =
f ( q + h) − f ( q ) f ( q + h) − f ( q ) a d
.100%
f (q) f (q) b= b= a.d
c c c.b
↓ d a
f (q) = p
★ h p p
.100%
q q q
=η = =
f ( q + h) − f ( q ) f (q + h) − f (q ) dp
.100%
p h dq
↓
f ( q + h) − f ( q ) dp
= f= ′(q ), or
h dq

p
q
η = Po int Elasticity of Demand
★= dp
dq

EXAMPLE

=
P 1200 − q 2
Suppose that demand function is: , find the demand elasticity at the production

η 10 = ?
level of 10 units:

SOLUTION

p 1200 − q 2 1200
q q
η (q)= = ⇒ η 10 =10 =− 5.5
dp −2q −20
dq

*At production level of 10, if price increase 1%, quantity demand decrease 5.5%.

★Three categories of elasticity

[η ] > 1 → Elastic (a)

[η ]= 1 → Unit Elastic (b)
[η ] < 1 → Inelastic (c)

EXAMPLE

q =p 2 − 40 p + 400
Suppose that demand function is: , find the demand elasticity at the

η p = 15
=?
production level of 15 units:

SOLUTION

Typical demand or supply function is defined in terms of q units: p=f(q). Moreover, elaticity

formula is also formulated based on this p=f(q) form. However, in this question, demand

function form is q=f(p). Thus you have to modify your elasticity formula:

p
q
η (q) =
dp
dq

Defined in the form of p=f(q)

If instead we are given q as a function of p, then we will have ;

dp 1
=
p f (q ) ⇒= q f −1 ( p ) ⇒ =
dq dq
dp
p
p 2 + 40q + 400 p
⇒ η (q)
= = .2( p − 20)
1 ( p − 20) 2

2 p − 40
2p 30
⇒ ⇒ η p =15 = =−6
p − 20 −5

✔Logarithmic Differentiation

A technique called Logarithmic Differentiation often simplifies the differentiation of y=f(x)

when f(x) involves products, quotients of powers.

To differentiate y=f(x)

 Take the natural logarithm of both sides this result in lny=lnf(x)

 Simplify ln(f(x)) by using properties of logarithm.

 Differentiate both sides with respect to x.

dy
 Solve for
dx

 Express the answer in terms of x only. This requires substituting f(x) for y;

y′ d d
= )) ⇒ y′ y ln( f ( x))
(ln f ( x=
y dx dx

EXAMPLE

(2 X − 5)3
y = y′ ?
x x +1
24 2

SOLUTION

 (2 x − 5)3  y′ d  1 
=
⇒ ln y ln   =
⇒ 3ln(2 x − 5) − 2ln x − ln( x 2
+ 1)
 x x + 1 
24 2 y dx  4 

y′ 6 2 1 2x
⇒= − − . 2
y 2 x − 5 x 4 ( x + 1)
 6 2 x 
⇒ y′ y 
= − − 
 2 x − 5 x 2( x + 1) 
2

✔CURVE SKETCHING

Interpretation of curves are crucial for managerial decision!

 maximum and minimum points and inflection points are helpful to understand nature

of data.

 we will use logic of ''sign chart'' to evaluate functions.

EXAMPLE

of ''sign chart'' solve the function;

x2 − 6x + 5
=f ( x) ≥0
x

SOLUTION

Find the components , thus critical values, then evaluate sign of the f(x). Use matrix

factorization to determine the components

1
components of function : f ( x) : ,( x − 1),( x − 5)
x
roots of function : CVs : 0, 1, 5

Sign Chart :

*Solution of function : (0,1] and [5,+ ∞ )

*we will use the chart logic approach for evaluation f '(x)

REMEMBER!

← a →
slope slope
decreases increases
but positive butnegative
Slope ( +) Slope (−)

 RULE: If f ′( x) changes from positive to negative ; f(x) has relative maximum

point.

 RULE: If f ′( x) changes from negative to positive ; f(x) has relative minimum

point.

EXAMPLE

Suppose your revenue function is; r = 240q + 57 q 2 − q 3 .Determine the output

maximizing revenue.

SOLUTION

Step1) Find derivative

r ′ =240 + 114q − 3q 2

Step2) Find critical values via f ′( x) = 0

240 + 114q − 3q 2 =0 ⇒ 3(40 − q )(2 + q ) =0; hence,

CV : q = 40 and q = − 2

Step3) Prepare sign chart for f '(x) then evaluate relative maximum/minimum points.

Is it true?

-NO!

*Even if solution is true theoretically, NOT true economically. Because for revenue

function q≥ 0 hence we have only one; CV: 40

the correct table is as follows;

✔Concavity

If f '(x) ↑ then f(x) is said to be concave up

If f '(x) ↓ then f(x) is said to be concave down

decrease or increase in f '(x) can be detected via f ''(x)

If f ''(x) > 0 → Concave Up ! ; f ''(x) < 0 → Concave Down !

f ''(x) = 0 → Inflection Point

*f '(x) = 0 , f ''(x) > 0 → Concavity does not change in this point ! Hence, to evaluate the

function evaluation, take into account f '(x) and f ''(x)

RULE: Easy detection of relative maximum and minimum points

Step 1) Find CVs making f '(x) = 0

Step 2) For a given CV point of ''a'' :

If f ''(a) < 0 → (a, f(a)) is relative maximum

f ''(a) > 0 → (a, f(a)) is relative minimum

★Hence, for any curves you want to plot, you have to check:

1. Intercepts

2. Symmetry

3. Concavity/Inflection points

4. Relative (absolute) maximum/minimum points

5. Asymptotes

S .1) Vertical Asymptotes: lim− f ( x) =± ∞

x→a+

S .2) Horizontal Asymptotes: lim− f ( x) = b

x→∞ +

EXAMPLE

f ′( x) = 6 x 4 − 8 x3 + 1 inspect the function in terms of concavity and inflection point.

SOLUTION

⇒ f ′( x) = 24 x 3 − 24 x 2 = 0
⇒ f ′′( x) = 72 x 2 − 48 x = 0
2
⇒ 24 x(3 x − 2)= 0 x= 0 x=
  3
components of f ′′ ( x ) 
roots of f ′′ ( x )

EXAMPLE

1 2500
Suppose that demand function: p = 50 and company's average cost function is: C= +
q 4 q

find the profit-maximizing output.

SOLUTION

⇒ Profit =
TR − TC
= p.q − c .q
50  1 2500 
⇒=
P .q −  + q
q  4 q 
q
⇒=
P 50 q − − 2500
4
then find CV making P′ = 0 for relative max/min analysis
25 1
⇒ P′ = − = 0 ⇒ q = 10000:this is CV making P′ = 0
q 4
⇒ Then you can use second derivative
testing to define the output
is either relative maximum or relative minimum!
25 − 32
⇒ P′′ = - q ⇒ P′′ q = 10000 < 0
2
⇒ Hence at the output of 10000 unit,
profit would have relative maximum.

✔INTEGRATION

★Reverse process of differentiation

i.e. You got marginal cost and you can use integral to find total cost function.

★Integral = Antiderivative

★ Suppose you have differentiated function; f '(x) and you wanna estimate original function

F(x);

dF ( x)
⇒ f ′( x)= ⇒ f ′( x)dx= dF ( x)
dx
⇒ you need a process to get original one.

∫ f ′( x=
)dx F ( x) + C

EXAMPLE

F ( x) = 2 x + 5 ⇒ f ′( x) = 2 
 Differentiations of functions are same
G ( x) = 2 x + 1000 ⇒ g ′( x) =2
but original functions are NOT !

Fundamental Integral Rules

1) ∫ kdx =kx + C → k is a cons tan t

x a+1
2) ∫ x= a
dx + c → a ≠ −1
a +1
1 dx
3) ∫ x −1dx= ∫ dx= ∫ = ln x + c → for x > 0
x x
4) ∫ e x dx= e x + c

∫ kf ( x)dx k ∫ f ( x)dx → k is cons tan t

5)=

6) ∫ [ f ( x) ± g ( x) ]dx = ∫ f ( x)dx ± ∫ g ( x)dx

7) Always try to transform your function to make
integral calculation easier.

EXAMPLES

→ ∫ dx =
x+c
x5+1 x 6
→ ∫ x dx = =+ c
5

5 +1 6
−5.x −6
→ ∫ 5 x dx =5∫ x dx =
−7
+c −7

6
→ ∫ π e x dx =
π ∫ e x dx =
π ex + c
1 t −3/4 −4t −3/4
→ ∫ 7/4 dt
= ∫ t dt = −7/4
+C ⇒ +C
t −3 / 4 3
t1+1 t2
→ ∫ (4 + t )dt= ∫ 4dt + ∫ tdt ⇒ 4t + + C ⇒ 4t + + C
1+1 2
→ ∫ 6eu + u 3 ( u + 1) du ⇒ ∫ 6eu + u 3 (u1/2 + 1) du
u 3+1/2+1 u 3+1
⇒ ∫ 6eu + u + u du ⇒ 6e +
3+1/2 3
+ u
+C
3 + 1/ 2 + 1 3 + 1
u 9/2 u 4
⇒ 6e +u
+ +C
9/2 4
d  1  ′ 1
→∫   dx =∫ 
 f ( x )  =
f ( x ) =
dx  x 2 + 1  x2 + 1

✔Constant ''C'' in Integral

We can find ''C'' if we know at least one coordinate;i.e. (a,f(a)) in original function, which is

called ''INITIAL CONDITION''

EXAMPLE

y′ =
8 x − 4, y (2) =
5 y=
?

SOLUTION

8x2
⇒ y= ∫ (8 x − 4)dx= − 4x + C
2
⇒ y (2) =⇒
5 4.4 + 4.2 + C = 5 →C=−3
⇒ y= 4 x 2 − 4 x − 3

EXAMPLE

A manufacturer having only one product type to have revenue, has following marginal

revenue function : MR = 2000 − 20q − 3q 2 Find the demand function.

SOLUTION

MR ⇒ ∫ MR =
1)TR′= TR + C
2)TR= q. p → p= TR / q
= ∫ ( 2000 − 20q − 3q )dq ⇒=r 2000q − 10q 2 − q 3 + C
2
r
we need initial condition: No unit sold → No revenue gained
q =0⇒r =0
=
⇒ 0 (2000).(0) − 10.(0) 2 − (0)3 + C
= →C 0
⇒
= r 2000q − 10q 2 − q 3
r 2000q − 10q 2 − q 3
⇒ p= ⇒ p = = 2000 − 10q − q 2
q q

EXAMPLE

In the factory, fixed cost of a product is $4000. Marginal cost function is:

(0.002q 2 − 25q ) + 0.2 .Find the cost function.

SOLUTION

= 0.002q 2 − 25q + 0.2

MC
MC ⇒ ∫ MC =
1)TC ′ = TC + C
 0, 002q 3 25q 2 
(q) ∫ 
⇒ TC= − + 0.2q dq
 3 2 
0.002q 3 25q 2
TC (=
q) − + 0.2q + C
3 2
⇒ TC(q )=variable cost+fixed cost=VC(q)+FC
3) INITIAL CONDITION :
no unit sold ⇒ no variable cost
q =⇒
0 VC =⇒ 0 (0,0) coordinate
⇒ TC(0) =
VC(0)+FC=4000
0.002(0)3 25(0) 2
⇒ TC(0)
= − + 0.2(0)
= + C 4000
3 2
0.002q 3 25q 2
C= 4000 ⇒ TC= − + 0.2q + 4000
3 2

EXAMPLE

The sale production of a product has determined that marginal revenue function is :

100 − 3q 2 Find the point elasticity demand when q=5

SOLUTION

p
q
η
1)= ⇒ you need to find demand function:p,
dp
dq
r=pq ⇒ (r / q ) =
p : demand function
2) ∫ MR = TR ⇒ TR = ∫ (100 − 3q 2 )dq = 100q − q 3 + C
2)initial condition:
q =0 ⇒ TR =0 ⇒ TR(0) =100(0) − (03 ) + C =0 ⇒ C =0
Thus; TR=
(q ) 100q − q 3
q. p= 100q − q 3 → p= 100 − q 2
p 100 − q 2
q q 15 3
3)η q =5 = = = =−
dp −2q −10 2
dq

✔SECONDARY INTEGRAL FORMULA

1) u is differentable function, then;

u a +1
∫u = + C ∀a ≠ −1
a
du
a +1

EXAMPLES
→ ∫ ( x + 5)7 dx =
?
⇒ x + 5= u
dx
⇒ = 1
du
⇒ dx = du
u8 ( x + 5)8
⇒ ∫ u du = + C =
7
+C
8 8

→ ∫ 2 x( x 2 + 3)5 dx =
?
⇒ x2 + 3 =u
dx
⇒ = 2x
du
⇒ 2 xdx =du
u6 ( x 2 + 3)6
⇒ ∫ u du = + C =
5
+C
6 6

1
2) ∫ du =ln u + C u ≠ 0
u

1
REMEMBER ! ∫ = dx ln x + C
X

EXAMPLE
16 s − 4
∫ 3 − 2s + 4s 2 ds = ?
⇒ 3 − 2s + 4s 2 = u
du
⇒ = ( −2 + 8 s )
ds
⇒ (−2 + 8s )ds =du
16s − 4 2(−2 + 8s )ds 2du
⇒∫ ds ∫
= ∫
= =
2 ln u + C
3 − 2s + 4s 2
3 − 2s + 4s 2
u
⇒ 2 ln 3 − 2s + 4s 2 + C

✔Integral Tricks

Trick 1) You can divide polynomial functions to make them be easily integrable function.

EXAMPLES

2 x6 + 8x4 − 4 x
→∫ dx = ?
2x2
 2 dx
⇒ ∫  2 x 4 + 4 x 2 − dx ⇒ ∫ x 4 dx + 4 ∫ x 2 dx − 2 ∫
 x x
x5 4 3
= + x − 2 ln x + C
5 3
2 x3 + 3x 2 + x + 1
→∫ dx = ?
2x +1
2x +1
2 x + 3x + x + 1 x 2 + x
3 2

−2 x3 − x 2
0 + 2x2 + x + 1
− 2x2 + x
0 + 0 +1
 1  1
⇒ ∫  x2 + x + dx= ∫ ( x + x)dx + ∫
2
dx
 2x +1  2x +1
2 x + 1= u
x3 x 2 1 
⇒ + + ∫ du ⇐  du
3 2 2u  dx =⇒2 2dx =du

x3 x 2 1
⇒ + + ln 2 x + 1 + C
3 2 2

1
Trick 2) You may wanna transform your function into ∫ u du or ∫ udu
EXAMPLES

1
→∫ dx = ?
x ln x

u = ln x 

du 1  1 1  dx  du
∫ dx= ∫
ln x  x  ∫ u
=  = → ln u + C = ln ln x + C
dx x  x ln x
1 
du = dx 
x 
ln x
→∫ dx =?
x
⇒ ln x = u
du 1
⇒ =
dx x
1
⇒ du = dx
x
ln x 1  u2 (ln x) 2
∫ x dx = ∫ ln x.  x dx  = ∫ udu = 2 + C → 2 + C

Trick 3) Try to write your exponential function in terms of base ''e''; by using the following

= b a e=
a
(ln b )
equation: e(ln b ).a

EXAMPLES

→ ∫ 23− x dx =
?

eln 2(3− x ) ⇒ ∫ e
ln 2 ( 3− x )
−x
⇒ 23= dx

ln 2(3 − x) =u

du  ln 2 ( 3− x ) du 1 1 u
= − ln 2 ∫ e dx = ∫ eu . =− ∫ e u
du ⇒ − e +C
dx  − ln 2 ln 2 ln 2
du 
dx =
− ln 2 
1 ln 2(3− x ) 1 3− x
=− e +C ⇒− 2 +C
ln 2 ln 2

3ln x
→∫ dx = ?
x
3ln x = eln 3(ln x ) 

u = ln 3(ln x) 
du ln 3  3 dx = eln 3(ln x ) dx = eu . du = 1 eu du ⇒ 1 eu + C
ln x

∫ ∫ x ∫ ln 3 ln 3 ∫
=
dx x  x ln 3
du dx 
= 
ln 3 x 
1 ln 3(ln x ) 3ln x
e +C ⇒ +C
ln 3 ln 3
If you wanna memorize this process, here we are;
1 u
∫= b +C
u
b du
ln b

EXAMPLE

For a given country's marginal propensity to consume function is :

3 1
MPC= − where “I” denotes national income of the country. Determine cost
4 2 3I

function C, assuming that you know the information that C equals to 10 if I equals to 12

SOLUTION

dC
=
We know that MPC ⇒ use integral to find ''C''
dI

3 1 
∫ MPC = C ⇒ C = ∫ −
 4 2 3I
dI

1
3 1 −
⇒ ∫ dI − ∫ (3I ) 2 dI
4 2
↓ ↓

U = 3I 

1

 1 − 2 du 1 − 2
1 1
3 dU 1 u2
4
I = 3  =
dI 2 ∫ u 3 6=∫ u du 6 .1/ 2

dU 
dI =
3 
1 12 1
= u 3I + C
3 3
3 3I
hence cos t function : C ( I ) = I − + C*
4 3
⇒ C (12) = 10
3 3.12
⇒ 10= .12 − + C * → C *= 3
4 3
3 3I
Hence cos t function; C ( I ) = I − +3
4 3

✔Integration and Area: Definite Integral

In addition a being antidifferentiation, integral is used for area calculation:

POSITIVE are any function is integral of given function over the given interval of [0, a] for

most cases. (NOT ALWAYS!)

EXAMPLE

f(x) = 2x what is the are of f(x) for [0, 2] ?

SOLUTION

2.4
Area : = 2 by using geometrics
2
OR
2 2 2
2x2
Area : ∫ f (=
x)dx ∫=2 xdx
0 0
2 0

= (2) 2 − (0) 2 = 4

★More Precisely

b
Area a =F (b) − F (a ) ⇒ ∫ f ( x)dx : Fundamental Integral Theorem
b

a
* b a
=F (b) ∫=
0
f ( x)dx F (a ) ∫ f ( x)dx
0

Features of Definite Integral

b a
1) a < b ∫ f ( x)dx =
− ∫ f ( x)dx
a b
a
2) ∫ f ( x)dx = 0
a
b b
3) ∫ kf ( x)dx = k ∫ f ( x)dx
a a
b b b
4) ∫ [ f ( x) ± g ( x) ]dx = ∫ f ( x)dx ± ∫ g ( x)dx
a a a
c b c
5)a < b < c ∫ f (=
x)dx ∫ f (=
x)dx ∫ f ( x)dx
a a b
b
6) ∫ f ′( x)dx =f (b) − f (a ) → If you know the differentiation function,
a

you can find the difference of f(x) between a and b points.

EXAMPLES

3
3
 3x3 x 2 
→ ∫ ( 3 x − x + 6 )dx
2
=  − + 6x
−1  3 2  −1
 3(3)3 (3) 2  3(−1)3 (−1) 2
=⇒  − + 6(3)  − − + 6(
= −1) 48
 3 2  3 2
7 +8

(∫ x )dx =
+8 −8 4 3
x
→ ∫ =
3 4 3
x dx
−8
7/3 −8
−8

 73   7

(8)   (−8) 3
⇒ =768
− ≅ 109, 71
 7/3   7/3 
    7
   

EXAMPLE

Find the area for [-2, 1] of x3

SOLUTION

1
1 −(2) 4
1
x4 15
∫−2
Area = = = − =
− ⇒ AREA CAN NOT BE NEGATIVE !!!
3
x dx
4 −2 4 4 4

Let's look at the graph;

1
A1 = ∫ f ( x)dx
0
0
A2 = ∫ f ( x)dx
−2
1 0
A =A1 + A2 =∫ f ( x)dx ∫ f ( x)dx
0 −2

NOTE: Integral gives algebraic sum. But also it gives the area when f(x) ≥ 0 on [a, b].

Otherwise, you should modify the equation of area, especially you are dealing with economics

parameters that can not negative, such as finding total revenue by using integral of marginal

revenue function.

EXAMPLE

A managerial service determines that the rate of income (M'(x)) in maintenance cost per year

for a factory complex is given by 90 x 2 + 5000 where x is the age of factory in years. Find

the total cost for first five years.

SOLUTION

⇒ M ′( x) =90 x 2 + 5000
5
5
 90 x3 
⇒ ∫ M ′( x)dx = M (5) − M (0) =  + 5000 x 
0  3 0
= 30.53 + 5000.(5) −=
0 28750

EXAMPLE

A manufacturer's marginal cost is = 0.6q + 2

MC . If the production is presently set a

q=80 units per week, how much more would it cost to increase production to 100 units per

week ?

SOLUTION

⇒ ∫ MC dq =
TC
100 100
0.6q 2
⇒ ∫ ( 0.6q + 2 )dq = + 2q
80
2 80

= ( 0.3) (100) + 2(100)  − ( 0.3) (80) 2 + 2(80)

=  1120

EXAMPLE

2000
A manufacturer marginal revenue function is . Find the change in the manufacturer's
300q

total revenue if production is increased from 75 to 108 unit.

SOLUTION

∫ MR = TR
1
108 108 108 1
2000 2000q2
200 −
⇒ ∫
75 300q
dq ⇒ ∫
75 10 3
dq ⇒
3 ∫
75
q 2 dq

108
 12  108
200  q  400  12 
⇒ = q 
3 1/ 2  3   75
  75

=
400
3
( )
108 − 75 = 400.6 − 400.5 = $400

✔Area Between Curves

★Area of strip: (Yupper-Ylower)dx

★Area: ∫ ( f ( x) − g ( x) )dx
a

EXAMPLE

Find the area of the region bounded by =

curves of y =
x and y x

SOLUTION

⇒ Intersection points : curve1=

curve2
⇒ x=
x
⇒ x 2 − x = 0 → x( x − 1) = 0
⇒ x =0 → y =0 → (0,0)
⇒ x =1 → y =1 → (1,1)
 12 
( )
1 1
⇒ Area :∫ x − x dx = ∫  x − x1 dx
0 0 
1
x3/2 x 2 1
− =
3/ 2 2 0 6

✔Lorenz Curve

LC is a tool to measure income inequality of a given country.

Ideal Situation: Absolute income equality (y=x)

A1
★The coefficient of inequality :
A1 + A2

EXAMPLE

Assume that income distribution function of a given country is defined as follows:

14 x 2 x
=y + . Find the coefficent of inequality of that country.
15 15

SOLUTION

  14 x 2 x  
1

∫0  x −  15 + 15  dx 14
=
coefficient of inequality = 1
45
∫ xdx
0

✔Customers' supply and Producers' supply

Remember;

CS ∫ (demand function − p )dq

0
0

=
PS ∫ (p
0
0 − supply function)dq

EXAMPLE

Demand function:=
p 100 − 0.05q

Supply function: =
p 10 + 0.1q
Determine CS and PS
SOLUTION

Step 1) Find EP (equilibrium point)

Demand Function = Supply Function

100-0.5q = 10+0.1q so

q0=600 p0=70

Step 2) Use CS and PS formula;

q0 600
CS :∫ (demand function − p0 ) ⇒ ∫ (100 − 0.05q − 70)dq =
9000
0 0
q0 600
PS : ∫ ( p0 − sup ply function) ⇒
0
∫ ( 70 − (10 + 0.1q) )dq =
0
18000

✔Integral by Parts

Widely used in social science

REMEMBER: Product Rule:

u and v are differentiable function of x, such as u=f(x) and v=g(x)

)′ uv′ + vu ′
thus : (uv=
Hence ,= uv′ (uv)′ − vu ′ (integrate w.r.t. x)
⇒ ∫ uv′dx =∫ (uv)′dx − ∫ vu′dx
⇒ ∫ uv′dx =uv + C − ∫ vu ′dx → absorb c1 to integral part
1

⇒ ∫ uv′dx =uv − ∫ vu ′dx


↓
du
u=f(x) ⇒ =u ′ ⇒ du =u ′dx
dx
⇒ ∫ udv =−
uv ∫ vdu →

⇒Thus integral of ∫ udv can be rewritten by uv − ∫ vdu .

which can be easier to take integral

EXAMPLE

∫ dx = ?
x
x.e

SOLUTION

Step1)Try to define ''u'' and ''dv'' then find ''du'' and ''v''
diff
⇒=
u x 
→ du
= dx

∫ e dx=
⇒ dv int =
= e x dx → v x
e x + C1

Step 2) ∫ xe x dx
= ∫ udv= uv − ∫ vdu
⇒ x(e x + C1 ) − ∫ (e x + C1 )dx

⇒ xe x + xC1 − ∫ e x dx − ∫ C1dx
⇒ xe x + xC1 − e x − C1 x + c (thus only one ''c'' enough for all integral parts!)
⇒ xe x − e x + c
⇒ e x ( x − 1) + c
Please notice that the first constans, , does not appear in the final answer.
Thus the first constant will always be dropped from equation.

Be careful that there is no strike rule to select ''u'' and ''dv'' .

Trial or error is all you can do!

EXAMPLE
− ( q + 5)

Suppose demand function of a manufacturer's product is = 5(q + 5)(e) 5

p
Assume that market equilibrium occurs at q=7.Determine CS at market equilibrium.
SOLUTION
− ( q + 5)
p= 5(q + 5)(e) 5 = 5(q + 5)e −0.2( q ) −1
Find p0 : equilibrium point occurs when q=7
⇒ p0 = 5(7 + 5)e −0.2(7) −1 → p0 = 60e 2.4
q0

=⇒ CS ∫ (demand
0
function − p0 )dq

∫ 5 ( q + 5)e − 60e −2.4 dq

−0.2 q −1
⇒ CS=
0
7 7
= 5∫ (q + 5)e −0.2−1 −60 ∫ e −2.4 dq

0
  0

u = q +5 
7
−2.4q 
dv −0.2 q−1dq
= e  −60e 
    0

↓
⇒ du =
dq and

∫ e dq
−0.2 q −1
⇒v =
⇒ −0.2 q −1 =z → (−0.2)dq =dz → dq =− 5dz
⇒ v =∫ e −0.2 q −1dq =∫ e z (−5)dz =− 5e −0.2 q −1
thus :

5  ∫ udv =
5∫ (q + 5)e −0.2−1 = uv − ∫ vdu 

⇒ 5 (q + 5)(−5e −0.2 q −1 + C1 )  −  ∫ −5e −0.2 q −1dq 

 
 1 
⇒ 5 (q + 5)(−5e −0.2 q −1 )  −  −5( )e −0.2 q −1 
 −0.2 
consequently CS :
7
  1  7
= 5  (q + 5)(−5e −0.2 q −1 )  −  −5( )e −0.2 q −1   +  −60e −2.4 q 
  −0.2  o o

  1 
= 5  (7 + 5)(−5e −0.2(7) −1 )  −  −5( )e −0.2( 7) −1   +  −60e −2.4 (7) 
  −0.2 
5  60e + 25e − 25(e − e )  − 60e (7)
=− −2.4 −1 −2.4 −1 −2.4

− 425e −2.4 + 250e −1 − 60e −2.4 (7)

=
− 425e −2.4 + 250e −1 − 60e −2.4 (7) ≅ $15
CS =

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