mac2233 (6) - calculus for management unit 8 study guides

Key Concepts

• Differential equations describe the relationship between a function and its derivatives
• First-order differential equations involve only the first derivative of the dependent variable
• Higher-order differential equations involve second or higher derivatives of the dependent variable
• Initial conditions specify the value of the function or its derivatives at a particular point
• General solution of a differential equation contains arbitrary constants and represents all possible solutions
• Particular solution of a differential equation satisfies the initial conditions and represents a specific solution
• Differential equations are used to model various phenomena in business, economics, and other fields (population growth, compound interest)

Types of Differential Equations

• Ordinary differential equations (ODEs) involve only one independent variable
  • Example: $\frac{dy}{dx} = 2x$
• Partial differential equations (PDEs) involve multiple independent variables
• Linear differential equations have the dependent variable and its derivatives appearing linearly
  • Example: $\frac{dy}{dx} + 2y = x$
• Nonlinear differential equations have the dependent variable or its derivatives appearing in a nonlinear manner
• Homogeneous differential equations have all terms containing the dependent variable or its derivatives
  • Example: $\frac{dy}{dx} = \frac{y}{x}$
• Non-homogeneous differential equations have terms that do not contain the dependent variable or its derivatives
• Autonomous differential equations do not explicitly depend on the independent variable
  • Example: $\frac{dy}{dx} = y^2 - 4$

Solving First-Order Differential Equations

• Separation of variables method involves separating the variables and integrating both sides
  • Applicable when the differential equation can be written as $\frac{dy}{dx} = f(x)g(y)$
• Integrating factor method involves multiplying the equation by an integrating factor to make it exact
  • Applicable to linear first-order differential equations of the form $\frac{dy}{dx} + P(x)y = Q(x)$
• Exact differential equations have the form $M(x, y)dx + N(x, y)dy = 0$ and satisfy $\frac{\partial M}{\partial y} = \frac{\partial N}{\partial x}$
• Bernoulli differential equations have the form $\frac{dy}{dx} + P(x)y = Q(x)y^n$ and can be solved by substitution
• Homogeneous differential equations can be solved by substituting $y = vx$ and solving for $v$
• Linear first-order differential equations can be solved using the integrating factor method or variation of parameters

Applications in Business and Economics

• Exponential growth and decay models describe populations, investments, or quantities that increase or decrease at a constant rate
  • Example: $\frac{dP}{dt} = kP$, where $P$ is the population and $k$ is the growth rate
• Logistic growth models describe populations or quantities that grow initially but stabilize over time due to limited resources
  • Example: $\frac{dP}{dt} = kP(1 - \frac{P}{L})$, where $L$ is the carrying capacity
• Compound interest models describe the growth of investments or loans with continuously compounded interest
  • Example: $\frac{dA}{dt} = rA$, where $A$ is the amount and $r$ is the interest rate
• Supply and demand models describe the relationship between the price of a product and the quantity supplied or demanded
• Production and inventory models describe the rate of change of inventory based on production and demand rates

Higher-Order Differential Equations

• Higher-order differential equations involve second or higher derivatives of the dependent variable
• Linear higher-order differential equations have the form $a_n(x)y^{(n)} + a_{n-1}(x)y^{(n-1)} + ... + a_1(x)y' + a_0(x)y = f(x)$
• Homogeneous linear higher-order differential equations have $f(x) = 0$
• Non-homogeneous linear higher-order differential equations have $f(x) \neq 0$
• Characteristic equation is obtained by substituting $y = e^{rx}$ into the homogeneous equation and solving for $r$
  • Example: For $y'' - 5y' + 6y = 0$, the characteristic equation is $r^2 - 5r + 6 = 0$
• General solution of a homogeneous linear higher-order differential equation is a linear combination of the fundamental solutions
• Particular solution of a non-homogeneous linear higher-order differential equation can be found using the method of undetermined coefficients or variation of parameters

Modeling Real-World Scenarios

• Identify the key variables and their relationships in the real-world scenario
• Determine the type of differential equation that best describes the problem (first-order, second-order, linear, nonlinear)
• Formulate the differential equation by expressing the rate of change of the dependent variable in terms of the independent variable and other parameters
• Specify the initial conditions or boundary conditions based on the given information
• Solve the differential equation using the appropriate method (separation of variables, integrating factor, characteristic equation)
• Interpret the solution in the context of the original problem and validate the results
• Analyze the long-term behavior of the solution and make predictions or decisions based on the model

Common Mistakes and How to Avoid Them

• Forgetting to specify the initial conditions or using incorrect initial conditions
  • Always identify the given initial conditions and use them to find the particular solution
• Incorrectly separating variables or applying the integration rules
  • Ensure that the variables are properly separated and the integration is performed correctly on both sides
• Misidentifying the type of differential equation or using the wrong solution method
  • Carefully analyze the form of the differential equation and choose the appropriate solution method based on its characteristics
• Failing to check the solution by substituting it back into the original differential equation
  • Always verify that the obtained solution satisfies the differential equation and the initial conditions
• Misinterpreting the results or making incorrect conclusions based on the solution
  • Relate the solution back to the original problem and ensure that the interpretation is consistent with the real-world scenario
• Neglecting the units or using inconsistent units throughout the problem
  • Keep track of the units for each variable and parameter, and ensure that the final solution has the correct units
• Not considering the limitations or assumptions of the model
  • Be aware of the assumptions made while formulating the differential equation and discuss the limitations of the model in real-world applications

Practice Problems and Solutions

1. Solve the differential equation $\frac{dy}{dx} = 2x$ with the initial condition $y(0) = 1$.
   • Solution: $y = x^2 + 1$
2. Find the general solution of the differential equation $\frac{dy}{dx} + 2y = x$.
   • Solution: $y = \frac{1}{2}x - \frac{1}{4} + Ce^{-2x}$, where $C$ is an arbitrary constant
3. Solve the Bernoulli differential equation $\frac{dy}{dx} + y = xy^2$ with the initial condition $y(0) = 1$.
   • Solution: $y = \frac{2}{x^2 + 2}$
4. A population grows at a rate proportional to its size. If the population doubles in 10 years and the initial population is 1000, find the population after 5 years.
   • Solution: $P(t) = 1000e^{0.07t}$, $P(5) \approx 1419$
5. Solve the second-order differential equation $y'' - 5y' + 6y = 0$ with the initial conditions $y(0) = 1$ and $y'(0) = 0$.
   • Solution: $y = e^{2x} + e^{3x}$
6. Find the general solution of the non-homogeneous differential equation $y'' + 4y = \sin(2x)$.
   • Solution: $y = C_1\cos(2x) + C_2\sin(2x) + \frac{1}{6}\sin(2x)$, where $C_1$ and $C_2$ are arbitrary constants