From these videos, we will start application of integrals in economics. You will need a prior knowledge of differential and integral calculus, in order to understand this series of videos.
The following applications are discussed here
- Given any MR function, how would you derive TR function. Integration of MR function is done
- Given any MR function, how would you find optimal value of x which maximizes TR. This is a simple application of maxima and minima
- What is consumer surplus? Given any demand function, how would you find consumer surplus?
Deriving TR function from MR function and demand function
Maximizing TR function from a given MR function
Consumer Surplus and its example
