Modern economic theory is based on both differential and integral calculus.

**APPLICATIONS OF DIFFERENTIATION**

Modern economic theory is based
on both differential and integral calculus. In economics, differential calculus
is used to compute marginal cost, marginal revenue, maxima and minima,
elasticities, partial elasticities and also enabling economists to predict
maximum profit (or) minimum loss in a specific condition. In this chapter, we
will study about some important concepts and applications of differentiation in
business and economics.

If factors of production function
are paid as factors times of their marginal productivities, then the total
factor payment is equal to the degree of homogeneity times the production
function.

Tags : Maths , 11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation

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11th Business Mathematics and Statistics(EMS) : Chapter 6 : Applications of Differentiation : Applications of Differentiation | Maths

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