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Differentiation
y = 56x - 4x 2
100
50
0 0 1 2 3 4 5 6 7 8 Output, x 9
Using the function what is the value of y when x equals y = 56x - 4x2
X Y 0 0 1 52 2 96 4 160 6 192 8 192 10 160
Assume for ease that the line was linear what would be the slope of the line between each of these points
Slope b = y / x =
X2-X1 Y2-Y1
Y2-Y1 X2-X1 We get different numbers depending on the two points we choose! For the same sized change in x we get different changes in y!
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1-0 2-1 4-2 6-4 8-6 10-8 52-0 96- 160- 192- 192- 16052 96 160 192 192 52 44 64 32 0 -32
Difference quotient
200
0 2
-32 2
100
X= 2 44
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Linear approximation
1
52
0 0 1 2 3 4 5 6 7 8 Output, x 9
It is clear that taking a linear approximation is not correct and it become increasingly uncorrect for some values of x
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C B
y = 56x - 4x 2
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The derivative of a function at a point is simply the slope of the tangent line at this point
A
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0 0 1 2 3 4 5 6 7 8 Output, x 9
CHORD
y
Y
x What we have been doing so far is to measure the difference quotient along a chord between two points Notice: the change in y relative to the change in x is the slope of the chord (green) line
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A x As we reduce the values of x closer to that at point A (X gets closer to zero) the chord becomes more like the tangent. Eventually it will be equal. y dy
x 0
lim
dx
y = 56x - 4x 2 B
y = f(x)
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100
Original function
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A
0 0
60
8 Output, x
It is called the derivative or the derived function function: y = f(x) derived function: y = f(x)
50
40
30
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Derived function
small numbers = shallow slope
0 1 2 3 4 5 6 7 8 9
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-10
8
-20
Compare the functions and their derivatives Functions The first derivative tells
you about the slope of a function at a particular point. The second derivative tells you about the slope of the derivative function
Derived Function
We will see why this is useful in Topic C (maximisation and minimisation of functions)
Slope is positive
It then becomes At some point the positive and slope goes through steeper zero, it becomes positive
-4 -3 -2 -1
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When x is positive the slope of the line is positive and gets less steep.
0 0 1 2
Slope is negative Low number = shallow slope Big number = steep slope
-10
-20
When x is negative the slope of the line is negative. It is becoming less steep as we head towards 0
-30
-40
10
0 -4 -3 -2 -1 0 1 2 3
-5
-10
-15
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0
Q
Q P P Q Q P Q P
Therefore the value of the elasticity depends on the ratio of P and Q
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Q P P Q Q P Q P
Therefore the value of the elasticity depends on the ratio of P and Q
As Q approaches 0, Q is divided by a very small number. As a ratio P is very big relative to Q. The elasticity tends to infinity . As P approaches 0, P is a very small number. As a ratio P is very small relative to Q. The elasticity tends to infinity 0.
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1
1
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Elasticity of Demand
Q. given the demand function: QD = 20 - 2P 3. P = 9. dQD/dP = -2 ED = -2P / QD calculate the price elasticity of demand at the points 1. P = 1 Differential: Elasticity: 2. P = 5
dQ P dP Q
As Q gets smaller, the elasticity gets bigger. As P gets smaller the elasticity gets smaller
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9
1
5 1 2 10 18
Q
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dQ P dP Q
D2 is more elastic than D1 at each and every price this is a relative comparison it is not absolute
A B
C
D1
D2
A PED of D2 infinity, PED of D1 less than infinity B PED of D1 less than 1, PED of D2 greater than 1 C PED of D1 further from 1 than PED of D2
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dQ P dP Q
P2 P1 Q2 Q1
Slope of the line is b and slope was steeper for D1 than D2 therefore b1 > b2 But that was dP/dQ we want dQ/dP
1 1 b1 b2
So
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1 2
19
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