Directions:

1. print this page

2. Fold the paper along the thick gray line

3. Look at one side, guess the answer, flip it over to check the answer

what branch of science is economics? | social science |

what is the language of all sciences? | math |

what is the goal of optimization? | to maximize profits |

Give 2 examples of marginal analysis. | MC(marginal cost) & MB(marginal benefits) |

what the first "first derivatives" of math functions? | marginal analysis |

what is marginal analysis? | an important decision-making tool in the business world that allows business owners to measure the additional benefits of one production activity versus its costs. |

what is the slope of TR? | MR & first derivative |

What is the slope of TC? | MC & first derivative |

what does TR stand for? | total revenue |

what does TC stand for? | total cost |

what does MC stand for? | marginal cost |

what does MR stand for | marginal revenue |

what is the equation of MR? How do you get there? | Tr/q=deltatr/deltaq=dtr/dq |

what is the equation of MC? How do you get there? | tc/q=deltatc/deltaq=dtc/dq |

what does delta equal? what does d mean w/ /respect to q? | d ; small changes in q |

what is the most common type of differentiation used? | power rule |

If TR=500q - 5q^2, what is MR? | 500 - 10q |

if TC=300+7.5q^2, what is MC? | 15q |

if MC=54q+7, what is TC? | 27q^2 + 7q |

if ln(y)=a+bln(x), what is dy/dx equal to? | b x (y/x) |

what are ln and exp known as? | functional operations |

if y=ln(x), what does x equal? | e^y |

what do the marginals (MR & MC) depend upon? | explicit form of your equations |

what can we use calculus to find? | variables that maximize & minimize functions |

give 1 example of a question when it comes to optimization using calculus | how much should a firm produce (q) to maximize its profits? |

what does q mean? | produce |

if q is already used, than how can you distinguish it w/ another q? | by adding * (i.e. q*) |

in any economic questions, there are usually more than one variable. Give 1 example. | firms choosing labor (x) & capital (y) in production |

what is the partial derivative? | the change in a function when one variable changes while holding the other variables constant |