Get Application Of Calculus In Commerce And Economics

In economics, calculus is used to study and record complex information commonly on graphs and curves. Calculus allows for the determination of a maximal profit by providing an easy way to calculate marginal cost and marginal revenue. It can also be used to study supply and demand curves.

Calculus, by determining marginal revenues and costs, can help business managers maximize their profits and measure the rate of increase in profit that results from each increase in production. As long as marginal revenue exceeds marginal cost, the firm increases its profits.

The types of math used in economics are primarily algebra, calculus and statistics. ... Calculus is used to find the derivatives of utility curves, profit maximization curves and growth models. Statistics allows economists to make forecasts and determine the probability of an occurrence.

There are many applications for strong math skills in the business world. Business majors who wish to focus on finance careers will need a strong calculus background. Knowledge of statistics and probability are also vital for finance careers, and figure prominently in the marketing field too.

Calculus is also used to find approximate solutions to equations; in practice it is the standard way to solve differential equations and do root finding in most applications. Examples are methods such as Newton's method, fixed point iteration, and linear approximation.

Because the study of economics involves a substantial amount of quantitative analysis, Economics majors are required to complete a course in calculus prior to beginning the courses of the major. MATH 152, MATH 231, STOR 112 or 113 can be used to satisfy the calculus requirement; MATH 116 is not acceptable.

There are basically two types of calculus or we can say parts which we focus during our class 11 and 12th . ... integral calculus (dealing with the calculation of of largest part of the expression of the system).

Calculus is used in many different areas of physics and even astronomy. ... For example, in order for a rocket to be sent into space or a satellite into orbit, astronomers must use calculus to figure out how much fuel the rocket or satellite needs to accelerate to the correct velocity to break through the atmosphere.

Calculus is used to improve the architecture not only of buildings but also of important infrastructures such as bridges. In Electrical Engineering, Calculus (Integration) is used to determine the exact length of power cable needed to connect two substations, which are miles away from each other.