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Chapter 6: Introduction to Calculus

Chapter 6: Introduction to Calculus

pp. 51-60

Authors

, London School of Economics and Political Science, , London School of Economics and Political Science
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Extract

The derivative is introduced as an instantaneous rate of change and it is shown how this can be determined from first principles. Techniques (sum, product, quotient and composite function rules) are then explained and the connection with small changes is illustrated. Economic interpretations via marginals are given.

Keywords

  • derivative
  • rate of change
  • approximations
  • sum rule
  • product rule
  • quotient rule
  • composite function rule
  • marginal cost
  • marginals
  • derivative of inverse function

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