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11/1/2017

Rulesofcalculus­functionsofonevariable

Rulesofcalculus­functionsofonevariable

Derivatives:definitions,notation,andrules

Therearemanydifferentwaystoindicatetheoperationofdifferentiation,alsoknownasfindingortaking thederivative. Thechoiceofnotationdependsonthetypeoffunctionbeingevaluatedanduponpersonal preference.

f'(x)

f'

y'

df/dx

dy/dx

d/dx[f(x)].

dx/dy

As:

"thefunctionthatgivestheslope

=

3x"

isequalto 3x"

Let'strysomeexamples. Supposewehavethefunction: y=4x 3 +x 2 +3.

Afterapplyingtherulesofdifferentiation,weendupwiththefollowingresult:

dy/dx=12x 2 +2x.

Howdoweinterpretthis? First,decidewhatpartoftheoriginalfunction(y=4x 3 +x 2 +3)youare interestedin. Forexample,supposeyouwouldliketoknowtheslopeofywhenthevariablextakesona valueof2. Substitutex=2intothefunctionoftheslopeandsolve:

dy/dx=12(2) 2 +2(2)=48+4=52.

Therefore,wehavefoundthatwhenx=2,thefunctionyhasaslopeof +52.

Nowforthepracticalpart. Howdoweactuallydeterminethefunctionoftheslope? Almostallfunctions youwillseeineconomicscanbedifferentiatedusingafairlyshortlistofrulesorformulas,whichwillbe presentedinthenextseveralsections.

Howtoapplytherulesofdifferentiation

Onceyouunderstandthatdifferentiationistheprocessoffindingthefunctionoftheslope,theactual

applicationoftherulesisstraightforward.

First,someoverallstrategy.Therulesareappliedtoeachtermwithinafunctionseparately. Thentheresults fromthedifferentiationofeachtermareaddedtogether,beingcarefultopreservesigns.[Forexample,the sumof3xandnegative2x 2 is3xminus2x 2. ].

Don'tforgetthatatermsuchas"x"hasacoefficientofpositiveone. Coefficientsandsignsmustbe correctlycarriedthroughalloperations,especiallyindifferentiation.

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Rulesofcalculus­functionsofonevariable

Therulesofdifferentiationarecumulative,inthesensethatthemorepartsafunctionhas,themorerulesthat havetobeapplied. Let'sstartherewithsomespecificexamples,andthenthegeneralruleswillbepresented

intableform.

Takethesimplefunction: y=C,andletCbeaconstant,suchas15. Thederivativeofanyconstanttermis 0,accordingtoourfirstrule. Thismakessensesinceslopeisdefinedasthechangeintheyvariablefora givenchangeinthexvariable. Supposexgoesfrom10to11;yisstillequalto15inthisfunction,anddoes notchange,thereforetheslopeis0. Notethatthisfunctiongraphsasahorizontalline.

0byourpreviousrule,andtheslopeofthetotalfunctionis2.

Now,supposethatthevariableiscarriedtosomehigherpower. Wecanthenformatypicalnonlinear functionsuchasy=5x 3 +10. Thepowerrulecombinedwiththecoefficientruleisusedasfollows:pull

outthecoefficient,multiplyitbythepowerofx,thenmultiplythattermbyx,carriedtothepowerofn­1.

Therefore,thederivativeof5x 3 isequalto(5)(3)(x) (3­1) ;simplifytoget15x 2 . Addtothederivativeofthe constantwhichis0,andthetotalderivativeis15x 2 .

Notethatwedon'tyetknowtheslope,butrathertheformulafortheslope. Foragivenx,suchasx=1,we

cancalculatetheslopeas15. Inplainerterms,whenx isequalto1,thefunction(y=5x 3 +10)hasaslope

of15.

Theserulescoverallpolynomials,andnowweaddafewrulestodealwithothertypesofnonlinear functions. Itisnotasobviouswhytheapplicationoftherestoftherulesstillresultsinfindingafunction fortheslope,andinaregularcalculusclassyouwouldprovethistoyourselfrepeatedly. Here,wewantto focusontheeconomicapplicationofcalculus,sowe'lltakeNewton'swordforitthattheruleswork, memorizeafew,andgetonwiththeeconomics! Themostimportantstepfortheremainderoftherulesisto properlyidentifytheform,orhowthetermsarecombined,andthentheapplicationoftheruleis

straightforward.

Forfunctionsthataresumsordifferencesofterms,wecanformalizethestrategyaboveasfollows:

derivativeisthederivativeoftheftermminusthederivativeofthegterm.

Theproductruleisappliedtofunctionsthataretheproductoftwoterms,whichbothdependonx,for

example,y=(x­3)(2x 2 ­1). Themoststraightforwardapproachwouldbetomultiplyoutthetwoterms, thentakethederivativeoftheresultingpolynomialaccordingtotheaboverules. Oryouhavetheoptionof

applyingthefollowingrule.

derivativeoftheftermmultipliedbythegterm,plusthederivativeofthegtermmultipliedbythefterm.

Toapplyittotheaboveproblem,notethatf(x)=(x­3)andg(x)=(2x 2 ­1);f'(x)=1andg'(x)=4x. Then dy/dx=(1)(2x 2 ­1)+(4x)(x­3). Simplify,anddy/dx=2x 2 ­1+4x 2 ­12x,or6x 2 ­12x­1.

Thequotientruleissimilarlyappliedtofunctionswherethefandgtermsareaquotient. Supposeyouhave thefunctiony=(x+3)/(­x 2 ). Thenfollowthisrule:

Giveny=f(x)/g(x), dy/dx=(f'g­g'f)/g 2 . Again,identifyf=(x+3)andg=­x 2 ;f'(x)=1andg'(x)=­2;

andg 2 =x 4 . Thensubstitutein:dy/dx=[(1)(­x 2 )­(­2)(x+3)]/x 4 .Simplifytody/dx =(­x 2 +2x+6)/x 4

.

Now,let'scombinerulesbytypeoffunctionandtheircorrespondinggraphs.

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Rulesofcalculus­functionsofonevariable

 Typeoffunction Formof function Graph Rule Interpretation y=constant y=C Horizontalline dy/dx =0 Slope=0; y=linearfunction y=ax+b Straightline dy/dx=a Slope=coefficient onx y=polynomialof y=ax n +b Nonlinear,oneor dy/dx=anx n­1 Derivativeisa order2orhigher moreturning function,actual points slopedependsupon location(ievalueof x) y=sumsor y=f(x)+g(x) Nonlinear dy/dx=f'(x)+ Takederivativeof differencesof2 g'(x). eachtermseparately, functions thencombine. y=productoftwo y=[f(x)g(x)] Typically dy/dx=f'g+g'f. Startbyidentifying functions, nonlinear f,g,f',g' y=quotientorratio y=f(x)/g(x) Typically dy/dx=(f'g­g'f)/ Startbyidentifying oftwofunctions nonlinear g 2 . f,g,f',g',andg 2

Not­so­basicrulesofdifferentiation

Therearetwomorerulesthatyouarelikelytoencounterinyoureconomicsstudies. Thehardestpartof theserulesisidentifyingtowhichpartsofthefunctionstherulesapply. Actuallyapplyingtheruleisa simplematterofsubstitutinginandmultiplyingthrough. Noticethatthetworulesofthissectionbuildupon therulesfromtheprevioussection,andprovideyouwithwaystodealwithincreasinglycomplicated functions,whilestillusingthesametechniques.

Thepowerfunctionrule:

Inthepreviousrules,wedealtwithpowersattachedtoasinglevariable,suchas x 2 ,orx 5 . Suppose, however,that yourequationcarriesmorethanjustthesinglevariablextoapower. Forexample,

y=(2x+3) 4

Inthiscase,theentireterm(2x+3)isbeingraisedtothefourthpower. Todealwithcaseslikethis,first identifyandrenametheinnertermintheparenthesis: 2x+3=g(x). Thentheproblembecomes

Now,notethatyourgoalisstilltotakethederivativeofywithrespecttox. However,xisbeingoperatedon bytwofunctions;firstbyg(multipliesxby2andaddsto3),andthenthat resultiscarriedtothepowerof four. Therefore,whenwetakethederivatives,wehavetoaccountforbothoperationsonx. First,usethe powerrulefromthetableabovetoget:

.

Notethattherulewasappliedtog(x)asawhole. Thentakethederivativeofg(x)=2x+3,usingthe appropriaterulefromthetable:

.

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Rulesofcalculus­functionsofonevariable

Notethechangeinnotation. "g"isusedbecausewewerefindingthechangeing,withrespecttoachangein x. Now,bothpartsaremultipliedtogetthefinalresult:

Recallthatderivativesaredefinedasbeingafunctionofx. Replacetheg(x)intheabovetermwith(2x+3) inordertosatisfythatrequirement. Thensimplifybycombiningthecoefficients4and2,andchangingthe

power(4­1)to3:

Now,wecansetupthegeneralrule. Whenafunctiontakesthefollowingform:

Thentherulefortakingthederivativeis:

Thechainrule:

Giventhesameproblem:

renamethepartsoftheproblemasfollows:

and

Thentheentireproblemcanbeexpressedas:

Thistypeoffunctionisalsoknownasacompositefunction. Thederivativeofacompositefunctionisequal tothederivativeofywithrespecttou,timesthederivativeofuwithrespecttox:

specificallyinourproblem:

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Rulesofcalculus­functionsofonevariable

andtheproblemiscomplete. Theformalchainruleisasfollows. Whenafunctiontakesthefollowing form:

Thenthederivativeofywithrespecttoxisdefinedas:

Updatedtableofderivatives

 Typeoffunction Formoffunction Graph Rule Interpretation y=constant y=C Horizontalline dy/dx =0 Slope=0; y=linear y=ax+b Straightline dy/dx=a Slope=coefficient function onx y=polynomialof y=ax n +b Nonlinear,oneor dy/dx=anx n­1 Derivativeisa order2orhigher moreturning function,actual points slopedependsupon location(i.e.value ofx) y=sumsor y=f(x)+g(x) Nonlinear dy/dx=f'(x)+g'(x). Takederivativeof differencesof2 eachterm functions separately,then combine.

11/1/2017

Rulesofcalculus­functionsofonevariable

 y=productof y=[f(x)g(x)] Typically dy/dx=f'g+g'f. Startbyidentifying twofunctions nonlinear f,g,f',g' y=quotientor y=f(x)/g(x) Typically dy/dx=(f'g­g'f)/g 2 . Startbyidentifying f,g,f',g',andg 2 ratiooftwo nonlinear functions y=generalized Nonlinear Identifyg(x) powerfunction y=composite Nonlinear yisafunctionofu, function/chain anduisafunction rule ofx.

Specialcases

Therearetwospecialcasesofderivativerulesthatapplytofunctionsthatareusedfrequentlyineconomic analysis. Youmaywanttoreviewthesectionsonnaturallogarithmicfunctionsandgraphsandexponential functionsandgraphsbeforestartingthissection.

Naturallogarithmicfunctions

Whenafunctiontakesthelogarithmicform:

Thenthederivativeofthefunctionfollowstherule:

Ifthefunctionyisanaturallogofafunctionofy,thenyouusethelogruleandthechainrule. Forexample, Ifthefunctionis:

Thenweapplythechainrule,firstbyidentifyingtheparts:

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Now,takethederivativeofeachpart:

Rulesofcalculus­functionsofonevariable

Andfinally,multiply accordingtotherule.

Now,replacetheuwith5x 2 ,andsimplify

Notethatthegeneralizednaturallogruleisaspecialcaseofthechainrule:

Thenthederivativeofywithrespecttoxisdefinedas:

Exponentialfunctions

Takingthederivativeofanexponentialfunctionisalsoaspecialcaseofthechainrule. First,let'sstartwith asimpleexponentanditsderivative. Whenafunctiontakesthelogarithmicform:

Thenthederivativeofthefunctionfollowstherule:

.

No,it'snotamisprint! Thederivativeofe x ise x .

Ifthepowerofeisafunctionofx,notjustthevariablex,thenusethechainrule:

Thenthederivativeofywithrespecttoxisdefinedas:

Forexample,supposeyouaretakingthederivativeofthefollowingfunction:

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Rulesofcalculus­functionsofonevariable

Definethepartsyandu,andtaketheirrespectivederivatives:

Thenthederivativeofywithrespecttoxis:

Updatedtableofderivatives

 Typeof Formoffunction Graph Rule Interpretation function y=constant y=C Horizontal dy/dx =0 line Slope=0; y=linear y=ax+b Straight dy/dx=a Slope=coefficient function line onx y=polynomial y=ax n +b Nonlinear, dy/dx=anx n­1 Derivativeisa oforder2or oneormore function,actualslope higher turning dependsupon points location(i.e.valueof x) y=sumsor y=f(x)+g(x) Nonlinear dy/dx=f'(x)+g'(x). Takederivativeof differencesof2 eachtermseparately, functions thencombine. y=productof y=[f(x)g(x)] twofunctions, Typically dy/dx=f'g+g'f. Startbyidentifying nonlinear f,g,f',g' y=quotientor y=f(x)/g(x) ratiooftwo functions Typically nonlinear dy/dx=(f'g­g'f)/g 2 . Startbyidentifying f,g,f',g',andg 2 y=generalized Nonlinear identifyg(x) powerfunction y=composite Nonlinear yisafunctionofu, function/ anduisafunctionof x. chainrule y=naturallog Naturallog Specialcaseofchain function rule y=exponential Exponential Specialcaseofchain function rule

Higherorderderivatives

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Rulesofcalculus­functionsofonevariable

Tofindahigherorderderivative,simplyreapplytherulesofdifferentiationtothepreviousderivative. For example,supposeyouhavethefollowingfunction:

Accordingtoourrules,wecanfindtheformulafortheslopebytakingthefirstderivative:

Takethesecondderivativebyapplyingtherulesagain,thistimetoy',NOTy:

Ifweneedathirdderivative,wedifferentiatethesecondderivative,andsoonforeachsuccessivederivative.

 Function Firstderivative Secondderivative Thirdderivative

 Function Firstderivative Secondderivative

Inordertounderstandthemeaningofderivatives,let'spickacoupleofvaluesofx,andcalculatethevalue

ofthederivativesatthosepoints.

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Rulesofcalculus­functionsofonevariable

 Valueofx Valueoffunctionat firstderivativeatx secondderivative x atx x=0 x=1 x=2

So,howdoweinterpretthisinformation? Whenxequals0,weknowthattheslopeofthefunction,orrate ofchangeinyforagivenchangeinx(fromthefirstderivative)is6. Similarly,thesecondderivativetellsus thattherateofchangeofthefirstderivativeforagivenchangeinxis­2. Inotherwords,whenxchanges, weexpecttheslopetochangeby­2,ortodecreaseby2. Wecancheckthisbychangingxfrom0to1,and

notingthattheslopedidchangefrom6to4,thereforedecreasingby2.

Tosumup,thefirstderivativegivesustheslope,andthesecondderivativegivesthechangeintheslope. In economics,thefirsttwoderivativeswillbethemostuseful,sowe'llstoptherefornow.