Differentiation

A function f (x) is continuous at x = a, where a is in the open interval the functions defined if the left- and right-hand limits at x = a exist and are equal.

The derivative of a function represents the rate of change of a function at a particular point. In other words, the derivative is the rate of change of a variable in response to a change in another variable.

Differentiation is the process of finding the derivative of a differentiable function.

The rate of growth refers to the percentage change of a variable within a specific time period.

The rate of change is an economic indicator’s rate of change with time.

Elasticity is the measurement of the response of one economic variable when another variable changes.

The price elasticity of demand (η) is the change in quantity when a change in price happens.

If the price of a related good increase resulting in the demand of the good to increase,
we can call these goods substitutes due to the fact these goods can replace one another.

If the price of a related good increases resulting in the demand of the good to decrease these goods are called complements due to the fact that they are generally bought together.

The marginal cost of a particular unit of output is defined as the increase in (total) cost due to the last unit produced or, alternatively, the increase in total cost from producing one more unit. Marginal cost is the change in cost when the unit produced changes.

In economics, cost is regarded as a term related to production. Therefore, cost is defined as the monetary value of a certain level of production.

The marginal revenue is the change in total revenue when the output is changed by one unit, which would simply mean that the marginal revenue is the rate of change of the total revenue with respect to the unit of output.

Keynesian Multiplier is the rate of change of the national income according to the change in the exogenously determined investment.

The value found by deriving and equalling the function y(x) to zero is the x value where the maximum value. In order to find the maximum value, the x value found has to be placed in the original function and solved.

The value found by deriving and equalling the function y(x) to zero is the x value where the minimum value. In order to find the minimum value, the x value found has to be placed in the original function and solved.

The function can be said to be convex if on the graph of the function the line goes above, or on the graph.

The function can be said to be concave if on the graph of the function the line goes below, or on the graph.

The marginal product, also known as productivity, is shown by the change in the production function
when one of the inputs in the production function changes while the others are held constant.

The marginal utility is the rate of change in the total utility with respect to the change in consumption of one of the goods or services in the utility function.

The marginal rate of technical substitution, MRTS, between two inputs is the slope of an isoquant. It
represents the amount of one input used in a production, needed to make up for the loss of each unit of the other input used so that the production level is unchanged.