Solving Models Using Calculus

Daniel P. Loucks ()
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Daniel P. Loucks: Cornell University

Chapter Chapter 10 in Public Systems Modeling, 2022, pp 121-133 from Springer

Abstract: Abstract Solutions to many economic models are based on marginal values of functions, such as marginal costs, marginal benefits, and marginal net benefits, or whatever the function being maximized or minimized represent. These marginal values are the slopes of functions. This chapter introduces how to use differential calculus to find the slopes and solutions to problems characterized by continuous non-linear functions. The reverse, called integral calculus, is also introduced for finding areas under functions that can represent total costs, benefits, and/or other values such as probabilities that are discussed in later chapters.

Date: 2022
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DOI: 10.1007/978-3-030-93986-1_10

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