mac2233 (6) - calculus for management unit 1 study guides

Key Concepts

• Limits describe the behavior of a function as the input approaches a certain value or infinity
• Continuity refers to a function being defined at every point within an interval and having no gaps or breaks
• Derivatives measure the rate of change of a function at a given point
• Differentiation rules provide methods for finding derivatives of various types of functions
• Applications of derivatives include optimization, related rates, and marginal analysis in business and economics
• Understanding the relationship between limits, continuity, and derivatives is crucial for solving calculus problems
• Mastering the concepts and techniques of limits and differentiation is essential for success in Calculus for Management

Limits: The Basics

• A limit is the value that a function approaches as the input gets closer to a specific value
  • For example, $\lim_{x \to 2} (x^2 + 1) = 5$ means that as $x$ gets closer to 2, the value of $x^2 + 1$ approaches 5
• Limits can be one-sided (left-hand or right-hand) or two-sided
  • Left-hand limit: $\lim_{x \to a^-} f(x)$ is the value $f(x)$ approaches as $x$ approaches $a$ from the left
  • Right-hand limit: $\lim_{x \to a^+} f(x)$ is the value $f(x)$ approaches as $x$ approaches $a$ from the right
• Two-sided limits exist when both the left-hand and right-hand limits are equal
• Limits can be evaluated using various techniques such as direct substitution, factoring, and rationalization
• Limits can also involve infinity, either as the input approaches infinity or the output approaches infinity
  • For instance, $\lim_{x \to \infty} \frac{1}{x} = 0$ means that as $x$ gets larger, $\frac{1}{x}$ gets closer to 0

Continuity and Discontinuity

• A function is continuous at a point if the limit of the function exists at that point and equals the function value
  • Mathematically, $f(x)$ is continuous at $a$ if $\lim_{x \to a} f(x) = f(a)$
• For a function to be continuous on an interval, it must be continuous at every point within that interval
• Discontinuities occur when a function is not continuous at a point
• There are three types of discontinuities: removable, jump, and infinite
  • Removable discontinuity: the limit exists, but the function is undefined or has a different value at that point
  • Jump discontinuity: the left-hand and right-hand limits exist but are not equal
  • Infinite discontinuity: the limit approaches infinity or negative infinity as the input approaches a certain value
• Continuity is important in calculus because many theorems and techniques require functions to be continuous

Introduction to Derivatives

• The derivative of a function is a measure of how the function changes with respect to its input variable
• Derivatives can be interpreted as the slope of the tangent line to the function's graph at a given point
• The derivative of a function $f(x)$ is denoted as $f'(x)$, $\frac{d}{dx}f(x)$, or $\frac{dy}{dx}$
• Derivatives can be found using the definition of the derivative: $f'(a) = \lim_{h \to 0} \frac{f(a+h) - f(a)}{h}$
• The process of finding derivatives is called differentiation
• Derivatives have numerous applications in business and economics, such as marginal cost, marginal revenue, and optimization problems

Differentiation Rules

• There are several rules for finding derivatives of various types of functions
• Constant Rule: The derivative of a constant is always 0
• Power Rule: For a function $f(x) = x^n$, the derivative is $f'(x) = nx^{n-1}$
• Sum and Difference Rules: The derivative of a sum or difference of functions is the sum or difference of their derivatives
  • $(f(x) \pm g(x))' = f'(x) \pm g'(x)$
• Product Rule: For functions $f(x)$ and $g(x)$, the derivative of their product is $(f(x)g(x))' = f'(x)g(x) + f(x)g'(x)$
• Quotient Rule: For functions $f(x)$ and $g(x)$, the derivative of their quotient is $(\frac{f(x)}{g(x)})' = \frac{f'(x)g(x) - f(x)g'(x)}{[g(x)]^2}$
• Chain Rule: For composite functions, the derivative is found by multiplying the outer function's derivative by the inner function's derivative
  • If $h(x) = f(g(x))$, then $h'(x) = f'(g(x)) \cdot g'(x)$

Applications of Derivatives

• Optimization problems involve finding the maximum or minimum values of a function
  • For example, finding the production level that maximizes profit or minimizes cost
• Related rates problems involve finding the rate of change of one quantity with respect to another
  • Such as determining how quickly the volume of a balloon changes as its radius increases at a constant rate
• Marginal analysis in economics uses derivatives to measure the change in one variable resulting from a small change in another
  • Marginal cost is the derivative of the total cost function with respect to the quantity produced
  • Marginal revenue is the derivative of the total revenue function with respect to the quantity sold
• Derivatives can also be used to find the slope of a tangent line to a curve at a given point
• The second derivative, denoted as $f''(x)$ or $\frac{d^2y}{dx^2}$, measures the rate of change of the first derivative and can be used to determine concavity and inflection points

Common Pitfalls and Tips

• Remember to use parentheses when substituting values into functions to avoid order of operations errors
• Be careful when using the quotient rule; the numerator is not simply the derivative of the numerator divided by the denominator
• When using the chain rule, make sure to differentiate the outer function with respect to the inner function, not just $x$
• Don't forget to use the product rule when differentiating functions that are multiplied together
• When solving optimization problems, make sure to find and test all critical points (where the derivative is 0 or undefined) to determine the absolute maximum or minimum
• Practice identifying which differentiation rule to use based on the form of the function
• Double-check your work by differentiating your answer to see if it matches the original function

Practice Problems

1. Find the limit: $\lim_{x \to 3} \frac{x^2 - 9}{x - 3}$
2. Determine if the function $f(x) = \begin{cases} \frac{x^2 - 1}{x - 1}, & x \neq 1 \ 2, & x = 1 \end{cases}$ is continuous at $x = 1$.
3. Find the derivative of $f(x) = 3x^4 - 2x^3 + 7x - 1$ using the power rule and sum/difference rules.
4. Find the derivative of $g(x) = (2x^3 + 1)(4x - 5)$ using the product rule.
5. Find the derivative of $h(x) = \frac{3x^2 + 2x - 1}{x^2 - 4}$ using the quotient rule.
6. Find the derivative of $k(x) = (2x^3 + 1)^4$ using the chain rule.
7. A company's total cost function is $C(x) = 500 + 20x + 0.01x^2$, where $x$ is the number of units produced. Find the marginal cost when $x = 100$ units.
8. A cylindrical can is to hold 1 liter of liquid. Find the dimensions of the can that minimize the surface area.