Exploring Applications of Calculus ISC Class 12 Mathematics
Applications of Calculus in Commerce and Economics is an easy chapter which involves a basic knowledge of Differential and Integral Calculus. Here's giving you a basic idea of the topics needed to go about learning this chapter.
You can also join my online tutoring classes where I'll be discussing each of these in detail. You start with learning about fixed cost and variable cost. Fixed costs are those which are incurred regardless of the production, for example, internet costs, rent to mention a few.
Variable costs are those which vary with output. For example, daily wages, raw material etc. Total cost is the sum of the fixed cost and variable cost. Next, you have the Average cost which is the total cost divided by the number of units.
Note that break even point is when the total cost equals the total expenditure. Learn about the revenue function, average revenue and Marginal revenue. Average revenue is the total revenue divided by the number of units. Marginal revenue is the derivative of the revenue function with respect to x.
You also have the Marginal average revenue which is the derivative of the average revenue function.
Likewise, you also have the Marginal cost which is the derivative of the total cost and the marginal average cost which is the derivative of the average revenue function. Given the marginal cost, you can integrate it to get the total cost. Similarly integrating the marginal revenue gives you the total revenue.
You can learn all this and more by joining my online classes. Learn formulas, how to solve multiple choice questions, assertion based questions, case study based questions and more. There are two video links below which will help you in understanding this chapter better.
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