Overview
This section covers various functions and their derivatives which appear frequently in commerce applications.
To prepare for class
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Watch the following videos (all created at CCSL):
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Do some experimentation with the following interactive applets:
- Cost and Marginal Cost (Alex Kemphaus)
- Total Revenue and Price Elasticity (Yung Lee, note there is a typo, it should say: “gain due to higher demand“)
- Gini index (David Gurney)
- Discrete Consumer Surplus (David Beydler)
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Continuous Consumer surplus (David Beydler)
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Total surplus (linear demand & supply) (Joel Hammer)
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Continous Income Stream (Claire Blackman)