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Interm_Micro_Math_Lecture_2

Interm_Micro_Math_Lecture_2 - Intermediate Microeconomics...

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Intermediate Microeconomics Calculus Module Lecture 2 Functions of two (or more) variables. In this lecture we will discuss calculus and algebra when the function involves more than one variable. You may use the following reference to supplement these notes: Larson, Sections 7.4 and 7.5. You may also use Frank-Parker Math Module 12, although this module will be too advanced for the beginning of your course, but should be useful later on: http://www.mcgrawhill.ca/college/olcsupport/frank4/math/pdf/mod12.pdf Examples of multivariate functions: Ex.1 What does this function look like? It is difficult to graph since it has three dimensions. Note that wolframalpha.com is a wonderful free tool which can assist with many math problems. Simply type in your equation at the prompt. One useful way of visualizing a three dimensional object is through a level set . We get a level set when we pick a point on the vertical axis, and horizontally slice through the three dimension object, allowing us to depict the resulting “slice” in two dimensions. Economic examples are indifference curves , and isoquants .
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Variables vs. Parameters
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