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Economics Homework Ten - Model (view source)
Revision as of 22:09, November 26, 2009
, 22:09, November 26, 2009no edit summary
::But the above formula is simply an approximation, and the higher precision provided by calculus is needed to prove this rigorously. So we rewrite the above equation using calculus:
::But the above formula is simply an approximation, and the higher precision provided by calculus is needed to prove this rigorously. So we rewrite the above equation using calculus:
:::<math>P<sub>ed</sub>=\frac{dQ}{dP}{1/Q<sub>1</sub>}{1/P<sub>1</sub>}
:::<math>P<sub>ed</sub>=\frac{dQ}{dP}{1/Q<sub>1</sub>}{1/P<sub>1</sub>}</math>
::where you can think of "dQ" as replacing a small change in Q and "dP" replacing a small change in P.
::where you can think of "dQ" as replacing a small change in Q and "dP" replacing a small change in P.