-Determine the maximum and minimum values of particular functions Eg: Costs, strength, amount of material used in building, profit and loss. -When we consider the quantity and supply: Quantity demanded can be a function of price. Supply and price or cost and quantity demanded are some other variables. - Calculus helps us in finding the arte at which one quantity changes with respect to the other. - Product differentiation is economically advantageous to companies. Differentiation continues…. 1. It provides a reason for consumers as to why their product is worth investing in as opposed to all other substitute products. 2. In economics and marketing, product differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market. This involves differentiating it from competitors’ products as well as firm’s products. Rules of Differentiation 𝑛 𝑑𝑦 Rule 1: 𝑦 = 𝑥 , 𝑡ℎ𝑒𝑛 = 𝑛𝑥 𝑛−1 𝑑𝑥 Examples 1. Differentiate the following with respect to 𝑥: (a) 𝑥 𝑛 + 𝑐 (b) 𝑥 𝑛 + 𝑥 𝑚 (c) 𝑥 3 (d) 𝑥 8 1 (e) 𝑥 2 Rule 1 continues…. 2. Differentiate the following with respect to 𝑥 (a) 𝑥 −4 (b) 𝑥 3 + 5𝑥 2 + 3𝑥 + 10 (c) 𝑎𝑥 2 + 𝑏𝑥 + 𝑐 Rule 2: The Chain / Compound rule 𝑛 𝑑𝑦 𝑑𝑦 𝑑𝑢 𝐼𝑓 𝑦 = 𝑢 𝑡ℎ𝑒𝑛 = 𝑥 𝑑𝑥 𝑑𝑢 𝑑𝑥 Examples Differentiate the following with respect to 𝑥. (a) (𝑥 + 3)2 (b) (3𝑥 + 2)4 (c) (𝑥 2 + 3𝑥)2 (d) (1 + 𝑥 2 ) (e) (2𝑥 + 5)−1 1 (f) (3𝑥 − 1) 2 Rule 3: The Product rule 𝐼𝑓 𝑦 = 𝑢𝑣, 𝑤ℎ𝑒𝑟𝑒 𝑢 𝑎𝑛𝑑 𝑣 𝑎𝑟𝑒 𝑑𝑦 𝑑𝑣 𝑑𝑢 𝑓𝑢𝑛𝑐𝑡𝑖𝑜𝑛𝑠 𝑜𝑓 𝑥 𝑡ℎ𝑒𝑛 =𝑢 +𝑣 𝑑𝑥 𝑑𝑥 𝑑𝑥 Examples Differentiate the following with respect to 𝑥 (a)(5𝑥 + 7)(3𝑥 2 + 5) (b) 𝑥 2 − 3 𝑥 + 1 2 (c) 𝑥 2 + 1 3 (𝑥 3 + 1) Rule 3: The Quotient Rule 𝑢 𝐼𝑓 𝑦 = , 𝑤ℎ𝑒𝑟𝑒 𝑢 𝑎𝑛𝑑 𝑣 𝑎𝑟𝑒 𝑣 𝑑𝑢 𝑑𝑣 𝑑𝑦 𝑣 𝑑𝑥 − 𝑢 𝑑𝑥 𝑓𝑢𝑛𝑐𝑡𝑖𝑜𝑛𝑠 𝑜𝑓 𝑥 𝑡ℎ𝑒𝑛 = 𝑑𝑥 𝑣2 Examples: Differentiate the following with respect 𝑥: 4𝑥 3 +2 (a) 6 𝑥 (𝑥−3)2 (b) (𝑥+2)2 𝑥 (c) (1+𝑥 2 ) INTEGRATION Integration is defined as the mixing or people together that were formerly separated. Differentiation calculates the slope the curve. Integration calculates the area under the curve. It is the reverse of differentiation. Integration means summation(s) and it represented by the symbol: ∫ Integration formula: 𝑛 𝑥 𝑛+1 න 𝑥 𝑑𝑥 = 𝑛+1 +𝑐
𝑐 is the constant of integration.
Examples 1. Integrate the following with respect to 𝑥: (a) 𝑥 5 𝑑𝑥 (b) (2𝑥 + 3) 𝑑𝑥 (c) 𝑥𝑎(+ 𝑏) 𝑑𝑥 1 (d) 𝑥𝑑 𝑥 3