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About this document
- Pages
- 66 pages
- Price
- $45 one-time, yours to keep
- Membership
- Included in every plan
- Format
- Subject
- Economics, Mathematics
This document covers linear equations, simultaneous equations, and input-output analysis. It includes examples and exercises related to demand and supply schedules, market clearing prices, and quantities. It is useful for understanding the mathematical methods used in economics.
What's inside
- Linear equations and examples
- Simultaneous equations and solutions
- Input-output analysis in economics
- Graphical representation of equations
- Market clearing price and quantity
- Exercises and practice problems
Who it is for: For students of economics who need to understand linear equations and their applications. (Undergraduate)
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Summary
Linear equations are used in economics to model supply and demand, and to solve problems in linear programming. Students learn how to manipulate and solve these equations, and how to graph them.
Linear Equations
Linear equations are used to model demand and supply schedules. Students learn to sketch graphs of these equations and find market clearing prices and quantities. They also learn to solve simultaneous equations.
Functions and Graphs
Functions are rules that assign a unique element in one set to each element in another set. Students learn to find the domain of functions and to graph them. They also learn how to shift graphs along the x and y axes.
Sequences and Series
Sequences are functions from the set of natural numbers to the set of real numbers. Students learn to find the nth term of a sequence and to determine whether a sequence converges. They also learn about perpetuities, which are securities that give their holder the right to an annual income forever.
Maxima and Minima
The first derivative of a function carries information about its important properties. Students learn to use the first derivative to sketch graphs of functions and to find their critical points.
Key terms
- Linear equation
- An equation that makes a straight line when graphed.
- Simultaneous equations
- Two or more equations that are solved at the same time.
- Function
- A rule that assigns a unique element in one set to each element in another set.
- Domain
- The set of numbers at which a function is defined.
- Sequence
- A function from the set of natural numbers to the set of real numbers.
- First derivative
- A measure of how a function changes as its input changes.
Questions this document helps with
- How do you find the market clearing price and quantity?
- What is the domain of a function?
- How do you sketch the graph of a function?
Summary written with AI from the document's text.
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