StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Uses of calculus in business - Research Paper Example

Cite this document
Summary
Mathematics is widely applied in various commercial and business exercises in the world; commercial enterprises have applied different facets of mathematics ranging from management of inventories to the management of accounting used in sales as well as in processes that entail…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER91.6% of users find it useful
Uses of calculus in business
Read Text Preview

Extract of sample "Uses of calculus in business"

BUSINESS MATH al Affiliation) Introduction Mathematics is widely applied in various commercial and business exercises in the world; commercial enterprises have applied different facets of mathematics ranging from management of inventories to the management of accounting used in sales as well as in processes that entail forecasting sales (Thompson, 2011). Various aspects of mathematics used in business enterprises include algebra, probability as well as calculus that have been widely used in the contemporary society.

How Calculus is applied in BusinessThe concept of calculus is a dimension of mathematics that is basically used to assess certain changes in a mathematical manner. Researchers have indicated that calculus is one of the modern facets of mathematics that has been effectively used to assess certain changes or arrive at certain decisions in the current business world.The use of directives to calculate certain aspects of business has been evident in various ways. People engaged in undertaking real estate business have applied the concept of derivatives in calculus to determine their overall income for instance:If a land owner with a complex apartment with 250 houses, each house rented on a monthly rate of y.

How many houses should the owner of the apartment rent in order to ensure that he maximizes his income?Note: The monthly rental apartment is derived as: P(y) = -8y2 + 3200y – 80,000The solution to this problemThe main concern in this case is to maximize the income by determining the number of maximum houses to be rented meaning; y ranges between 0 and 250 whereby: 0≤ y ≤ 250. In order to determine the solution, it is important to determine critical points that occur between 0 and 250. Therefore:P(y) = 16y + 3200 leading to 3200 – 16y = 0, this results to y = 3200÷16 = 200Owing to the fact that the profit function is in a continuous dimension, the maximum value can be attained by plugging in the already identified critical value which is 200 at the end point existing in the range as follows:P (0) = -80,000 P(200) = 240,000 P(250) = 220,000Therefore the above scenario indicates that the owner of the apartment may generate maximum profits if he rents out only 200 instead of all the 250 houses.

On the other hand, differentiation has also been used to perform various business activities in the contemporary society for example it has been widely used to calculate the maximum sizes of packaging materials with a few known dimensions while missing other important dimensions. A real example of the application of differentiation has been evident i.e. in a scenario where a sales person wants to determine the maximum size of a packaging box with a known length= x and known width= y, but without a known height.

This can be arrived at as:Volume= length. Width. Height also expressed as;V= l.w.h also;V (h)= (l-h). (w-h). h BibliographyThompson, H. E.2011. Applications of Calculus in Business and Economics. Menlo Park, Calif.: W.A. Benjamin.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Uses of calculus in business Research Paper Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/mathematics/1629015-uses-of-calculus-in-business
(Uses of Calculus in Business Research Paper Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/mathematics/1629015-uses-of-calculus-in-business.
“Uses of Calculus in Business Research Paper Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/mathematics/1629015-uses-of-calculus-in-business.
  • Cited: 3 times

CHECK THESE SAMPLES OF Uses of calculus in business

How concerns of commerce and business spur on the development of mathematics

Name Professor Course Date Concerns of Commerce and business in Development of Mathematics The historical study of mathematics was more of an investigation about the original mathematical discoveries and ancient mathematical methods and other notations.... In the old age, before the worldwide knowledge spread, developments towards mathematics were only within very few locales (Menninger 77)....
9 Pages (2250 words) Essay

The Help of Derivatives

f(X) = 10/X over the interval [3, 10] =dx = 10 integral [ 10 / x ] dx = 10 [ ln | x | ] + C, so Integral103 [ 10/ x ] dx = [ 10 ln | 10 | + C ] - [ 10 ln | 3 | + C ] = 10 ln 10 – 10 ln3 = 10 [ln10 – ln 3] Part2: Application of calculus in business Decision-Making Calculus is extensively used in making business decisions, which are critical for the success and survival of every business enterprise.... Derivatives have wide applications in the business world....
6 Pages (1500 words) Assignment

Rutgers Business School

This discussion stresses that the reporter is herewith applying for business studies at the Rutgers business School.... He is currently majoring in Liberal Arts business from the Middlesex County College and would like to join the Rutgers business school in the fall of 2011.... The reporter is presently studying financial accounting in the liberal arts business course in the Middlesex County College....
6 Pages (1500 words) Admission/Application Essay

COLLEGE ALGEBRA-DISCUSSION BOARD

in business arithmetic, the function is applied in the calculation of compound interest.... The number is useful in calculus where it is used to perform integral and differential operations that involve exponential functions.... The number e has many uses that result directly from its characteristics....
1 Pages (250 words) Essay

Statement of purpose to apply BS/MS Accelerated Program

Computational Applied Mathematics is concerned with mathematical models used in other fields of study such as science, business, engineering and industry.... After studying all the statistics related courses in my A-levels, I realized my fondness for these subjects… I have enjoyed as well as earned good grades in statistical courses especially calculus and other calculus related subjects. ... I have enjoyed as well as earned good grades in statistical courses especially calculus and other calculus related subjects....
2 Pages (500 words) Personal Statement

Using Calculus in curves for bridges, tunnels, and more (engineering)

This study examine the role of calculus in physics at large and specifically determination of the use of calculus in the development of bridges, tunnels as well as curves.... From this end, the study shall examine specific areas and also try to elaborate the importance of the use of calculus in those particular areas.... One can also be able to find calculus in statistics and all the disciplines that relate to it, engineering and its entire spectrum, in economics, business as well as in medicine....
4 Pages (1000 words) Research Paper

Isaac Newton

Newton's mind-blowing discoveries of calculus, Newton's optics, and gravity and motion benefited the world to change… This paper will describe why Newton's title as the ‘Father of the Modern Science' is justified and how his mathematical and scientific discoveries contributed to shaping the modern world. ... Between the period 1665 and 1667, Newton made some of his prominent achievements such as the development of calculus, the law of gravitation, and theories on optics....
4 Pages (1000 words) Research Paper

Which is bigger Feel the Fear or The Giant

The process uses mathematics to solve situations and problems (Berry et.... The research objective is to use mathematical modelling in getting a solution to various mathematical problems.... The report asks some questions involving mathematical situations that require answers.... The… The aim of the investigation is to determine if feel the fear is greater than feel the giant....
3 Pages (750 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us