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Calculus in Commerce and Economics
Applied Mathematics · Chapter 9 · Unit 3: Calculus
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Topics 6
- Cost function, average cost and marginal cost and their interpretation
- Demand function, revenue function and marginal revenue
- Profit function and break-even point; profit maximisation
- Rough sketches of AR, MR, R, C, AC and MC curves and their interpretation using increasing/decreasing functions and maxima/minima
- Total cost from marginal cost and total revenue from marginal revenue by integration
- Equilibrium price and quantity; consumer surplus and producer surplus by definite integration