Business Calculus Notes

Business Calculus: MAC 2233 Spring 2011
Instructor: Dr. Lakshminarayan Rajaram
Chapter 0 and Chapter 1.2 through 1.4

1. Exponential Notation:
If n is a counting number (such as 1, 2, 3, 4, and so on), b n = b • b • b • ....... • b where b appears as a

factor n times.
√ n is called the exponent or power
√ b is called the base
√ b n is called an exponential expression.
Example: 54 = 5 • 5 • 5 • 5
2. The Order of Arithmetic Operations:
1. Perform operations within the innermost parentheses and work outward. If the algebraic
expression involves a fraction, treat the numerator and the denominator as if they were each
enclosed in parentheses.
2. Evaluate all exponential expressions.
3. Perform multiplications and divisions as they occur, working from left to right.
4. Perform additions and subtractions as they occur, working from left to right.
Example: Evaluate 6 + 5(x – 6)3, for x = 8
6 + 5(x – 6)3 = 6 + 5(8 – 6)3 Replace x by 8
= 6 + 5(2)3 First work inside parentheses: 8 – 6 = 2
= 6 + 5(8) Evaluate the exponential expression:

23 = 2 • 2 • 2 = 8
= 6 + 40 Multiply: 5(8) = 40
= 46 Add
3. Definition of Mathematical Modeling and Mathematical Models:
The process of finding formulas to describe real-world phenomenon is called mathematical modeling.
Such formulas, together with the meaning assigned to the variables, are called mathematical models.
4. Definition of a Set and its Elements:
A set is a collection of objects whose contents can be clearly determined. The objects in a set are called
the elements of a set.
As an example, A = {1, 2, 3, 4, 5, 6, 7,. . . . . . .} is a set of all counting numbers. This method

of representing a set is called the roster method.
Lecture Notes 1
The above set can also be represented in the set-builder notation as follows:
A = {x| x is a counting number}.
5. Definition of the Intersection of Sets:
The intersection of sets A and B, written as A I B , is the set of elements that are common to both set A
and set B. That is, in the set-builder notation, it is written as:
A I B ={x | x is an element that belongs to both set A and set B}
As an example, the intersection of set A = {7, 8, 9, 10, 11} and set B = {6, 8, 10, 12} is the new
set C = {8, 10}.
6. Definition of the Union of Sets:
The union of sets A and B, written as A U B , is the set of elements that are members of set A or of set B
or of both sets. That is, in the set-builder notation, it is written as:
A U B ={x | x is an element of set A or x is an element of set B}
As an example, the union of A = {7, 8, 9, 10, 11} and B = {6, 8, 10, 12} is the new set C = {6, 7, 8, 9, 10,
11, 12}.
7. Definition of an Empty set or a Null set:
If a set has no elements, it is called an empty set or a null set and is represented by the symbol, ∅.
As an example, the intersection of A = {2, 4, 6} and B = {3, 5, 7} is an empty set since there are no
elements common to both set A and set B.
8. Definition of sets of different types of numbers
Set of natural or counting numbers: {1, 2, 3, 4, 5, 6, . . . . . . . . . . . . . . . .}.
Set of whole numbers: {0, 1, 2, 3, 4, 5, 6, . . . . . . . . . . . .. .}.
Set of integers: {. . . . , -3, -2, -1, 0, 1, 2, 3, . . . . . . .}.
a
Set of rational numbers: { | a and b are integers, and b ≠ 0}
b
√ The set of rational numbers is the set of all
numbers that can be expressed as a quotient of
two integers, with the denominator not 0.
√ Rational numbers can be expressed as terminating

or repeating decimals.
Lecture Notes 2
− 15 2 2
Examples: -15 = ; = 0 .4 ; = 0.6666....
1 5 3
Set of irrational numbers:

√ The set of irrational numbers is the set of all
numbers whose decimal representations are
neither terminating nor repeating.
√ Irrational numbers cannot be expressed as a

quotient of integers.
π 3.142
Examples: 2 = 1.414214 ; = = 1.571
2 2
Set of REAL NUMBERS: The set of real numbers is the set of numbers that are either
rational or irrational.
R = {x | x is rational or x is irrational}
Real Number Line:
The real number line is a horizontal line graph used to represent the set of real numbers
9. Absolute Value of a Real Number:
The absolute value of a real number a, denoted by |a|, is the distance from 0 to a on the real number line.
As examples, |-5| = 5 and |3| = 3.
10. Definition of Absolute Value:
The algebraic definition of the absolute value of x is given as follows:
⎧x if x ≥ 0⎫
| x |= ⎨ ⎬
⎩− x if x < 0⎭
11. Distance Between the Two Points on the Real Number Line
If a and b are any two points on a real number line, then the distance between a and b is given by
|a – b| or |b – a|
Absolute Inequality formulas

x−a ≤ d ⇒ −a ≤ x ≤ a
x − a ≥ d ⇒ x − a ≤ − d or x − a ≥ d
x≤a−d or x ≥ a + d
Lecture Notes 3
12. Rules of Exponents:
Product Rule: b m • b n = b m+n
bm
Quotient Rule: n
= b m−n , b ≠ 0
b
Zero-Exponent Rule: If b is any real number other than 0, then

b0 = 1
Negative-Exponent Rule: If b is any real number other than 0 and n is natural

number, then
1 1
b −n = ; −n
= bn
bn b
Power Rule:
Powers to Powers: (b )m n
= b mn
Products to Powers: (ab )n = a nb n
n −n
⎛a⎞ an ⎛a⎞ bn
Quotients to Powers: ⎜ ⎟ = n ; ⎜ ⎟ =
⎝b⎠ b ⎝b⎠ an
13. Scientific Notation:
A number is written in scientific notation when it is expressed in the form
a × 10 n
where the absolute value of a is greater than or equal to 1 and less than
(10 (1 ≤ |a| ≤ 10)
Examples: 6.2 x 107 = 62,000,000 34,970,000,000,000 = 3.497 x 1013
2.019 x 10-3 = 0.002019 0.0000000000802 = 8.02 x 10-11
1.8 x10 4 ⎛ 1.8 ⎞ ⎛ 10 4 ⎞

= ⎜ ⎟ x⎜ ⎟ = 0.6 x10 4−( −2 ) = (6 x10 −1 ) x10 6 = 6 x10 5 = 600000
3x10 − 2 ⎝ 3 ⎠ ⎜⎝ 10 − 2 ⎟⎠
Lecture Notes 4
14. Definition of the principal Square Root
If a is a nonnegative real number, the nonnegative number b such that b2 = a, denoted by b = a , is the
principal square root of a.
√ The symbol, , is called a radical sign. Any number that is under the radical sign is
called the radicand. Together we refer to the radical sign and the radicand as a radical
expression.
√ 25 = 5 25 is the radicand. The principal square root of 25 is 5.
√ In general, a square root of a negative number is not a real number.
15. Simplifying a 2
For any real number a, a 2 =| a |
2
In words, the principal square root of a is the absolute value of a.
Examples:
6 2 =| 6 |= 6 (−6) 2 =| −6 |= 6
16. The Product Rule for Square Roots

If a and b represent nonnegative real numbers, then
ab = a b and a b = ab
The square root of a product is the product of the square roots.
17. The Quotient Rule for Square Roots
If a and b represent nonnegative real numbers and b ≠ 0, then
a a a a
= and =
b b b b
The square root of a quotient is the quotient of the square roots.
Lecture Notes 5
18. Rationalizing Denominators:

Note that in your final answer, the denominator cannot contain radical expressions. Further simplification
of the radical expression is done using the process called rationalizing the denominator. Here are two
examples.
15 15 6
= •
6 6 6
Example 1:
15 6 15 6 5 6
= = =
36 6 2
12 12 12 6
= = =
8 4 2 2 2 2
Example 2:
6 2 6 2 6 2
= • = = =3 2
2 2 4 2
19 Definition of Conjugates:
Radical expressions that involve the sum and difference of the same two terms are called conjugates. As
( ) (
an example, a + b and a − b are conjugates. )
( a+ b )( a − b = a−b )
6
Example: Rationalize the denominator:
5+ 3
6 6 5− 3
= •
5+ 3 ( 5+ 3 ) 5− 3
=
(
6 5− 3 6 5− 3
= =3 5− 3
) ( ) ( )
5−3 2
20. Definition of the Principal nth Root of a Real Number
n
a = b means that b n = a
√ If n is even, then a ≥ 0 and b ≥ 0.
√ If n is odd, then a and b can be any real numbers
Examples: 3
125 = 5 5
− 32 = −2
Lecture Notes 6
21. nth Roots of Perfect nth Powers
√ If n is odd,
n
an = a
√ If n is even,
n
an = a
3
(− 2)3 = −2
Examples:
4
(− 2)4 = −2 =2
22. The Product and Quotient Rules for nth Roots
√
n
ab = n a n
b
a na
√
n = ,b ≠ 0
b nb
√ a = n a ,n≥2
n
1
− 1 1
√
a n
= 1
= n ,a≠0
n
a
a
( a) (a)
m m
m
√ a n
= n
or a =
n n m
,n≥2
23. Definition of a Polynomial in x:
Polynomial in x is an algebraic expression of the form
a n x n + a n −1 x n −1 + a n − 2 x n − 2 + .......... . + a1 x + a 0 ,
where a n , a n −1 ,........, a1 , a 0 are real numbers, a n ≠ 0, and n is a non-negative integer.
√ n is the degree of the above polynomial
√ an is the leading coefficient
Lecture Notes 7
√ a0 is the constant term
√ A polynomial is a single term or the sum of two or more terms containing

variables in the numerator with whole number exponents.
Monomial is a polynomial with exactly one term
Binomial is a polynomial with two terms (as an example: x4 + 2)
Trinomial is a polynomial with three terms (as an example: 6x5 -3x3 +8)
24. The Product of Two Binomials: FOIL

(ax + b )(cx + d ) = ax • cx + ax • d + b • cx + b • d
F O I L
Product Product Product Product
of of of of
First Outside Inside Last
terms terms terms terms
25. Other Formulas
( A + B )( A − B ) = A 2 − B 2 Product of Sum and Difference of Two Terms
( A + B )2 = A 2 + 2 AB + B 2 The Square of a Binomial Sum
( A − B )2 = A2 − 2 AB + B 2 The Square of a Binomial Difference
( A + B )3 = A3 + 3 A 2 B + 3 AB 2 + B 3 The Cube of a Binomial Sum
( A − B )3 = A3 − 3 A2 B + 3 AB 2 − B 3 The Cube of a Binomial Difference
(A 3
) (
+ B 3 = ( A + B ) A 2 − AB + B 2 ) The Sum of Two Cubes
(A 3
) (
− B 3 = ( A − B ) A 2 + AB + B 2 ) The Difference of Two Cubes
Lecture Notes 8
26. Distance Formula and Midpoint Formula

The distance d between the points (x1 , y1 ) and ( x 2 , y 2 ) is given by d = ( x 2 − x1 ) + ( y 2 − y1 )
2 2
and the coordinates of the midpoint of the line joining these two points is given by
⎛ x1 + x 2 y1 + y 2 ⎞
⎜ , ⎟
⎝ 2 2 ⎠
27. X- and Y-intercepts

To find x-intercepts, let y be zero and solve for x.
To find y-intercepts, let x be zero and solve for y.
28. Standard Form of the Equation of a Circle
The point ( x, y ) lies on the circle of radius r and center (h, k ) if and only if
( x − h )2 + ( y − k )2 = r2
29. General Form of the Equation of a Circle is: Ax 2 + Ay 2 + Dx + Ey + F = 0, where A ≠ 0
30. Equilibrium Point

Set the demand and supply equations to be equal and solve for, for example, the variable x.
31. Equation of a line

General form: Ax + By + C = 0
Vertical Line: x=a
Horizontal Line: y=b
Slope-Intercept form: y = mx + b
Point-Slope form: y – y1 = m(x – x1)
Two lines are parallel if and only if they have the same slope
Two lines are perpendicular if and only of the product of their slopes is equal to -1.
32. Quadratic Formula
To solve a quadratic equation, ax 2 + bx + c = 0 , use the quadratic formula given by

− b ± b 2 − 4ac
x=
2a
Lecture Notes 9
Section 1.5
LIMITS
1. Notations
Limit of f(x) as x approaches c from the left is Lim f(x)

x c-
Limit of f(x) as x approaches c from the right is Lim f(x)

x c+
Limit of f(x) as x approaches c is Lim f(x)

x c
2. Definition of a limit:
If f(x) becomes arbitrarily close to a single number L as x approaches c from either side, then
Lim f(x) = L
x c
which is read as “the Limit of f(x) as x approaches c is L”
i.e. for the Lim f(x) to exist, Lim f(x) = Lim f(x) = L
x c x c- x c+
NOTE: The value of f(x) when x = c has no bearing on the existence or

nonexistence of the Limit of f(x) as x approaches c.
3. To estimate theLimit of f(x) as x approaches c
Replace x by c in f(x).
9 Suppose f(x) has a finite value.Then it is the value of theLimit of f(x) as x approaches c
9 Suppose f(x) is undefined. Then,

¾ simplify f(x) by taking the common factor
¾ cancel the terms that are common for both the denominator and the numerator.
¾ now, replace x by c. If f(x) has a finite value, then it is the value of theLimit of
f(x) as x approaches c, otherwise f(x) has no limit.
<< See Exercises 3, 11(a), 25, 37, and 41 from Section 1.5 >>
Lecture Notes 10
Section 1.6
CONTINUITY
1. Definition of Continuity
Let c be a number in the open interval (a, b), and let f(x) be a function whose domain contains the
open interval (a, b). The function f(x) is continuous at the point x = c if the following conditions
are true:
9 f(c) is defined
9 Lim f(x) exists

x c
and
9 Lim f(x) = f(c)
x c
Note:
¾ If f(x) is continuous at every point in the interval (a, b), then it is continuous on the
interval (a,b).
¾ A polynomial function is continuous at every real number (See Example 1 on page 62).
¾ A rational function is continuous at every number in its domain (See Example 2 on
page 63)
2. Removable and Non-removable Discontinuity
If a function f(x) is continuous at every point in an open interval (a, b) except at c, then c is a
discontinuity of the function. Discontinuity falls into 2 categories: removable and non-removable.
X 2 − 16
Example 1: Let f(x) = be a function.
X −4
When x = 4, the denominator of the function equals 0. Hence, f(x) is discontinuous

at x = 4.
But we can redefine the function as follows:
( X − 4)( X + 4)
f(x) =
( X − 4)
This can be simplified to f(x) = (x + 4) after canceling (x-4) from both the
denominator and the numerator.
Now, the redefined function f(x) = (x + 4) is continuous for all real numbers. Thus
the discontinuity at x = 4 was removed.
This example illustrates the case of a removable discontinuity.
Lecture Notes 11
1
Example 2: Let f(x) = be a function.
X −2
When x = 2, the denominator of the function equals 0. Hence, f(x) is discontinuous

at x = 2.
1
This function f(x) = can not be redefined to make it continuous at x = 2.
X −2
Therefore, the discontinuity at x = 2 can not be removed.
This example illustrates the case of a non-removable discontinuity.
3. Definition of Continuity on a Closed Interval
Let f(x) be defined on a closed interval [a, b]. The function f(x) is said to be continuous on the
closed interval [a,b] if the following are true:
9 f(x) is continuous on the open interval (a,b)
9 Lim f(x) = f(a)

x a+
9 Lim f(x) = f(b)

x b-
4. Greatest Integer Function (GIF): This is denoted by f(x) = [[x]] and defined as
f(x) = [[x]] = greatest integer less than or equal to x.
Examples: f(x) = [[3.1]] = 3

f(x) = [[-3.1]] = - 4
5. A polynomial function is continuous at every real number
A rational function is continuous at every number in its domain.
Lecture Notes 12
Section 2.1
The DERIVATIVE and the SLOPE of a GRAPH

f(x+∆x) Q( x+∆x, f(x+∆x) )
graph of y = f(x)
P(x, f(x))
f(x)
O(0,0) X-axis
The graph of y = f(x) is shown in the figure above.
9 Let P(x, y) and Q( x+∆x, f(x+∆x) ) be two points on the graph of y = f(x). The line through these
points is called a secant line. The slope of this secant line, using the slope formula, is given as:
f ( x + ∆x ) − f ( x )
msec = (1)
∆x
9 As ∆x 0, the secant line becomes the tangent line to the graph of y = f(x) at the point P(x,
f(x)). Therefore, the slope of the tangent line is given as:
f ( x + ∆x ) − f ( x )
m = Lim (2)
∆x
∆x 0
9 The tangent line approximates the graph at a point. Therefore, the slope of a graph at a point is
same as the slope of the tangent line at that point on the graph.
9 The derivative of a function f at x is given by
f ( x + ∆x ) − f ( x )
f ′(x) = Lim
∆x
∆x 0
provided this limit exists. A function is differentiable at x if its derivative exists at x.

The process of finding derivatives is called differentiation.
Lecture Notes 13
Notations used for a derivative
The derivative of y = f(x) is denoted by any of the following notations:
f ′(x) or
dy
or
d
[f(x)] or Dx[y]
dx dx
9 Differentiability Implies Continuity
If a function is differentiable at x = c, then it is continuous at x = c.
If a function is continuous at x = c, it may or may not be differentiable at x = c.
Please refer to Figure 2.11 on Page 122 for functions that are not differentiable at x = 0.
9 Limit definition to find the derivative
Example 1: Find the derivative of f(x) = x2 using the limit definition.
To find the derivative of a function using the limit definition , we need to use
f ( x + ∆x ) − f ( x )
f ′(x) = Lim
∆x
∆x 0
We are given: f(x) = x2.

Therefore, f(x+∆x) = (x+∆x)2 = x2 + 2x(∆x) + (∆x)2
Then,
f ( x + ∆x ) − f ( x )
f ′(x) = Lim
∆x
∆x 0
f ′(x) = Lim [x2 + 2x(∆x) + (∆x)2 - x2 ] / ∆x

∆x 0
2 x(∆x) + (∆x) 2 (∆x)(2 x + ∆x)

f ′(x) = Lim = Lim
∆x (∆x)
∆x 0 ∆x 0
f ′(x) = Lim [ 2x + ∆x ] substitute 0 for ∆x

∆x 0
′
Then, f (x) = 2x
Lecture Notes 14
To find the slope of a tangent at a point (1,1) on the graph of f(x) = x2
′
Slope of a tangent at (1, 1) ≡ Value of f (x) = 2x at x = 1
≡ 2(1) = 2
To find the equation of a tangent at a point (1, 1) on the graph of

f(x) = x2
Recall that the equation of a line passing through a point (x1, y1) and having slope m is
given by:
y – y1 = m (x – x1) (3)
We know the following:

slope of the tangent at (1, 1) = m = 2
tangent line passes through (1, 1). i.e. (x1, y1) = (1, 1)
Substituting the values of m and (x1, y1) in equation (3), we get
y – 1 = 2 (x – 1)
∴ y = 2x – 1 is the equation of the tangent at the point (1, 1) on

the graph of f(x) = x2
Lecture Notes 15
Rules for Differentiation (Sections 2.2 through 2.5)
d
9 [c] = 0 where c is a constant The Constant Rule
dx
d n
9 [x ] = nxn-1 where n is any real number The (Simple) Power Rule
dx
d d
9 [cf(x)] = c [f(x)] = c. f ′(x) The Constant Multiple Rule
dx dx
d d d
9 [ f(x) + g(x) ] = [f(x)] + [g(x)] The Sum rule
dx dx dx
= f ′(x) + g ′(x)
d d d
9 [ f(x) - g(x) ] = [f(x)] - [g(x)] The Difference Rule
dx dx dx
= f ′(x) - g ′(x)
9 If y = f(x), the Average Rate of Change of y with respect to x on the interval [a, b] is:
f (b) − f (a ) ∆y
Average Rate of Change = =
b−a ∆x
9 The Instantaneous Rate of Change (i.e. Rate of Change) of y = f(x) at x is the limit of the Average
Rate of Change on the interval [x, x+∆x] as ∆x approaches 0 is:
∆y f ( x + ∆x ) − f ( x )
Lim = Lim
∆x ∆x
∆x 0 ∆x 0
9 Let P = Total Profit, R = Total Revenue, and C = Total Cost.
dP
= Marginal Profit where x = number of units produced or sold
dx
dR
= Marginal Revenue where x = number of units produced or sold
dx
dC
= Marginal Cost where x = number of units produced or sold.
dx
Lecture Notes 16
p = f(x) is the Demand Function where x is the number of units that
consumers are willing to purchase at a price p per unit.
R = xp is the Revenue Function
P = Revenue - Cost
d
9 [f(x) . g(x)] = f(x) . g′(x) + g(x) . f′(x) The Product Rule
dx
d f ( x) g ( x) f ' ( x) − f ( x) g ' ( x)
9 [ ]= The Quotient Rule
dx g ( x ) [ g ( x)]2
d
9 [ f (g(x)) ] = f ′(g(x)) . g′(x) The Chain Rule
dx
9 If y = [u(x)]n, then,
dy
= nun-1 . u′ The General Power Rule
dx
Lecture Notes 17
Section 2.6 and Section 2.7

Notations for Higher-Order Derivatives
dy d
1st derivative: y′ or or [f(x)] or Dx[y] or f ′(x)
dx dx
d2y d2
2nd derivative: y′′ or or [f(x)] or D2x[y] or f ′′(x)
dx 2 dx 2
d3y d3
3 derivative: y′′′
rd
or or [f(x)] or D3x[y] or f ′′′(x)
dx 3 dx 3
d4y d4
4th derivative: y(4) or or [f(x)] or D4x[y] or f (4)(x)
dx 4 dx 4
Position Function is given by s = f(t)

ds
Velocity Function is given by = f ′(t )
dt
d 2s
Acceleration Function is given by 2 = f ′′(t )
dt
Implicit Differentiation (Section 2.7)

dy
Let y = f ( x) be a function. Also, = f ′( x) is the derivative of y with respect to x
dx
Here, y is the dependent variable and x is the independent variable.
In implicit differentiation, anytime the derivative of the dependent variable y is taken, multiply the result
dy
by y ′ (i.e. )
dx
dy
Example: Given: x 2 y 2 − 4 y = 1 , find
dx
dy
Solution: Since we need to find , y is the dependent variable and x is the independent
dx
variable.
Taking the derivative of x 2 y 2 − 4 y = 1 using the rules of differentiation, we get the

following:
Lecture Notes 18
(y ) d (dxx )
2
d(y2 ) d ( y) d (1)
2
+ (x 2 ) - 4 =
dx dx dx
(y ){2 x}
2
+ (x ){2 y • dy
2
dx
dy
} - 4 {1 • } = 0
dx
(x ){2 y • dy
2
dx
dy
} - 4 {1 • } = - 2 xy
dx
2
[2 yx 2
−4 ] dy
dx
= - 2 xy 2
Dividing both sides by (2yx2 – 4), we get,
dy 2 xy 2 2 xy 2
=− =
dx 2 yx 2 − 4 2(2 − yx 2 )
dy xy 2
=
dx 2 − x 2 y
Section 2.8
Formulas that will be used in section 2.8:
Area of a Circle: A = π r2
4
Volume of a Sphere: V = π r3
3
Surface Area of a Cube: S = 6s 2
Volume of a Cube: V = s3
1
Volume of a Cone: V = π r 2h
3
1
Area of a Right Triangle: A= bh
2
Lecture Notes 19
Section 3.1:
Increasing and Decreasing Functions
A function f(x) is:
9 increasing if its graph moves up as x moves to the right
9 decreasing if its graph moves down as x moves to the right
i.e. a function f(x) is:
9 increasing on an interval if for any x1 & x2 in the interval, x2 > x1 implies f(x2) > f(x1)
9 decreasing on an interval if for any x1 & x2 in the interval, x2 > x1 implies f(x2) < f(x1)
A. First Derivative Test for Increasing and Decreasing Function
Let f be differentiable on the interval (a, b).
9 if f ′ (x) > 0 for all x in (a, b), then f is increasing on (a, b)

9 if f ′ (x) < 0 for all x in (a, b), then f is decreasing on (a, b)
9 if f ′ (x) = 0 for all x in (a, b), then f is constant on (a, b)
Critical Numbers:
If f is defined at a number c, then c is a critical number of f

if f ′ (x) = 0
or
if f ′ (x) is undefined.
<< Refer to problems from Section 3.1: 13, 15, 17, 27, 31, and 35a >>
Lecture Notes 20
Section 3.2:
A. First Derivative Test for Relative Extrema
Let f be continuous on the interval (a, b) in which c is the only critical number. Let f be differentiable on
the interval (a, b), except possibly at c. Then, in the interval (a, b),
9 if f ′ (x) < 0 to the left of x = c and f ′ (x) > 0 to the right of x = c, f(c) is a relative minimum
9 if f ′ (x) > 0 to the left of x = c and f ′ (x) < 0 to the right of x = c, f(c) is a relative maximum
B. Absolute Extrema
Let f be defined on an interval I containing c. Then,
9 f(c) is an Absolute Minimum (or minimum) of f on I if f(c) ≤ f(x) for every x in I
9 f(c) is an Absolute Maximum (or maximum) of f on I if f(c) ≥ f(x) for every x in I
C. Extreme Value Theorem

If f(x) is continuous on [a, b], then f takes on both a minimum value and a maximum value on [a, b].
Section 3.3
A. Concavity
Let f be differentiable on an open interval I. The graph of f(x) is
9 concave upward on I if f ′ (x) is increasing ( i.e. f ′′(x) > 0 for all x in I ) on I
9 concave downward on I if f ′ (x) is decreasing ( i.e. f ′′(x) < 0 for all x in I ) on I
B. Point of Inflection
If the graph of a continuous function possess a tangent line at a point where its concavity changes from
upward to downward (or vice versa), then the point is a point of inflection.
Solve the equation f ′′(x) = 0 to get the values of the independent variable at which there is a point of
inflection.
If (c, f(c)) is a point of inflection, then either f ′′(c) = 0 or f ′′(c) does not exist.
Lecture Notes 21
C. Second Derivative Test
Let f ′ (c) = 0 and let f ′′ exist on an open interval containing c. Then,
9 if f ′′(c) > 0, then f(c) is a relative minimum
9 if f ′′(c) < 0, then f(c) is a relative maximum
9 if f ′′(c) = 0, then the test fails. Use the First Derivative Test to determine whether f(c) is a relative
minimum or relative maximum.
D. Point of Diminishing Returns

(Refer to Page 231 of the textbook)
Consider Exercise 61 from section 3.3
The graph of this is as shown below
Graph of Revenue versus Amount Spent

700.00
600.00
Revenue (dollars)
500.00
400.00
300.00
200.00
100.00
0.00
0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400
Amount Spent (dollars)
One can show that the point of inflection is at (200, 320). That is, the graph of R(x) is concave up for
0 < x < 200 and then it is concave down for 200 < x < 400.
The graph has a point of diminishing returns when x = $200. This point is (200, 320)
Interpretation of the point of diminishing returns:

On the interval (0, 200), each additional dollar spent returns more than the previous dollar spent,
By contrast, on the interval (200, 400), each additional dollar spent returns less than the previous
dollar spent.
Lecture Notes 22
Section 3.5
C
9 Average Cost Function = C = where C = f(x) is the Total Cost Function
x
9 Price Elasticity of Demand
If p = f(x) is a differentiable function, then the price elasticity of demand is given by:
⎛p ⎞
Rate of Change in Demand ⎜⎝ x ⎟⎠
Price Elasticity of Demand = = =η
Rate of Change in Price ⎛⎜ dp ⎞⎟
⎝ dx ⎠
(a) If ⏐η⏐ > 1, then the demand is elastic. If the demand is elastic, then a decrease in price is
accompanied by an increase in unit sales sufficient to increase the total revenue.
(b) If ⏐η⏐ < 1, then the demand is inelastic. If the demand is inelastic, then a
decrease in price is not accompanied by an increase in unit sales sufficient to increase the total
revenue.
(c) If ⏐η⏐ = 1, then the demand has unit elasticity.
Lecture Notes 23
Section 3.6
VERTICAL ASYMPTOTES
Definition of a vertical asymptote: Let y = f(x) be a function. If f(x) approaches infinity (or
negative infinity) as x approaches c from the right or from the left, then the line x = c is a vertical
asymptote of the graph of f(x).
Another way of saying this is: Suppose f(x) is a function. If the denominator of f(x) is zero for any
value of x = c, then the equation to the vertical asymptote of the graph of f(x) is x = c.
A few examples:
x−3
f ( x) = . The denominator of f(x) becomes zero for x = 0. Therefore, x = 0 is a
x2
vertical asymptote of the graph of f(x).
3
f ( x) = . The denominator of f(x) becomes zero for x = 1 and x = -1. Therefore, x =
x −1
2
1 and x = -1 are the vertical asymptotes of the graph of f(x).
3
f ( x) = . The denominator of f(x) is never zero for any value of x. Therefore, there is
x +1
2
no vertical asymptotes of the graph of f(x).
HORIZONTAL ASYMPTOTES
Definition of a horizontal asymptote: Let y = f(x) be a function. If f(x) approaches a real number
L as x approaches infinity (or negative infinity),
then y = L is a horizontal asymptote of the graph of f(x).
p ( x)
Let f ( x) = be a rational function. Then.
q ( x)
9 y = 0 is a horizontal asymptote of the graph of f(x) if the degree of p(x) is less than the degree of
q(x).
a
9 y= (a and b are the leading coefficient of p(x) and q(x) respectively) is a horizontal asymptote
b
of the graph of f(x) if the degree of p(x) is equal to the degree of q(x).
9 f(x) has no horizontal asymptote if the degree of p(x) is greater than the degree of q(x).
Lecture Notes 24
A few examples:
x−3
f ( x) = 2
x
Here p(x) = x – 3, and q(x) = x2. The degree of p(x) is less than the degree of q(x).
Therefore, y = 0 is a horizontal asymptote of the graph of f(x).
x2 − 3
f ( x) =
2x 2
Here p(x) = x2 – 3, and q(x) = 2x2. The degree of p(x) is equal to the degree of q(x).
1
Also, note that a = 1 and b = 2. Therefore, y = is a horizontal asymptote of the
2
graph of f(x).
x2 − 3
f ( x) =
2x
Here p(x) = x2 – 3, and q(x) = 2x. The degree of p(x) is greater than the degree of
q(x). Therefore, there is no horizontal asymptote of the graph of f(x).
Section 3.7 Curve Sketching

Following is the summary of Curve-Sketching Techniques
9 x- and y-intercepts (section 1.2)

9 Domain and Range (section 1.4)
9 Continuity (section 1.6)
9 Differentiability (section 2.1)
9 Critical numbers (section 3.1)
9 Increasing/decreasing function (section 3.1)
9 Relative extrema (section 3.2)
9 Concavity (section 3.3)
9 Points of inflection (section 3.3)
9 Vertical and horizontal asymptotes (section 3.6)
We are going to use all of the above to draw the graph of a function. If necessary, we may have to plot a
few points to complete the graph.
Section 3.8
9 The differential of x (denoted by dx ) is any non-zero real number where as the differential of y,
denoted by dy is give as:
dy = f ′(x )dx
9 Change in f(x) that corresponds to a change in x is given by ∆y = f ( x + ∆x ) − f ( x )
9 Note that dy ≈ ∆y
Lecture Notes 25
Section 4.1 and 4.2

1. Exponential Function
x
If a > 0, a ≠ 1, an exponential function with base a is given by f(x) = a .
Case 1: 0<a<1 Properties
9 Domain of f(x) = ax is all real numbers

9 Range of f(x) = ax is all real numbers > 0
9 Graph of f(x) = ax is a decreasing curve.
9 y-intercept point is (0, 1).
9 As x approaches + ∞ , ax approaches 0, and hence, y = 0 is the equation to the horizontal
asymptote.
9 As x approaches - ∞ , ax approaches ∞ .
Case 2: a>1 Properties
9 Domain of f(x) = ax is all real numbers

9 Range of f(x) = ax is all real numbers > 0
9 Graph of f(x) = ax is an increasing curve.
9 y-intercept point is (0, 1).
9 As x approaches - ∞ , ax approaches 0, and hence, y = 0 is the equation to the horizontal
asymptote.
9 As x approaches ∞ , ax approaches ∞ .
Graph of the Exponential Function y = 3x (base > 1, blue)

and
y = (1/3)x(base between 0 and 1, green)
90.000
80.000
70.000
60.000
50.000
40.000
y
30.000
20.000
10.000
0.000
-5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0
-10.000
x
Lecture Notes 26
Examples: f(x) = ex is an exponential function that belongs to CASE 2 since the base e > 1. All the
properties described in CASE 2 apply to f(x) = ex.
x
⎛1⎞ 1
f(x) = e = ⎜ ⎟ is an exponential function that belongs to CASE 1 since the base is
-x
⎝e⎠ e
between 0 and 1. All the properties described in CASE 1 apply to f(x) = e-x.
2. Recall: Laws of Exponents

x
ax ⎛ a ⎞
0
9 a =1 =⎜ ⎟ axay = ax+y
bx ⎝ b ⎠
ax 1
9 a x− y
= y (ab)x = axby a −x =
a ax
9 (ax)y = axy
3. Limit definition of e is
(1 + x )
1
lim x =e
0 x
4. Mathematical models involving exponential functions
nt
⎛ r⎞
(a) A = p ⎜1 + ⎟ where n is the number of times per year interest
⎝ n⎠
is computed; r is rate of interest; p is the principle; t is the time; A is
the final amount after t years.
(b) A = pe rt where r is the rate of interest compounded
continuously; p, A and t are principle, amount after t years and time
t, respectively. In this model the growth is not restricted.
a
(c) f (t ) = is Logistic Growth function. Growth is restricted.
1 + be − kt
n
⎛ r⎞
(d) reff = ⎜1 + ⎟ − 1 The formula gives the Effective Rate corresponding to nominal rate
⎝ n⎠
of r that is compounded n times per year.
A
(e) p= nt
Present Value of a future investment
⎛ r⎞
⎜1 + ⎟
⎝ n⎠
Lecture Notes 27
Some exercise problems from sections 4.1 and 4.2:
1 Given: P = $1000; r = 3%; t = 10

nt
⎛ r⎞
Use the formula, A = p⎜1 + ⎟
⎝ n⎠
1(10 )
⎛ 0.03 ⎞
(a) Given: n = 1. Then, A = 1000⎜1 + ⎟ = $1343.92
⎝ 1 ⎠
4 (10 )
⎛ 0.03 ⎞
© Given: n = 4. Then, A = 1000⎜1 + ⎟ = $1348.35
⎝ 4 ⎠
(f) Interest is compounded continuously. Therefore, use A = pe rt
A = 1000e 0.03(10 ) = $1349.86

−t
2 P(t ) = 1 − e 3
is the probability that the next call will come within t minutes.
1 ⎛1⎞ −0.5
(a) A call comes in within minutes is P ⎜ ⎟ = 1 − e 3 = 0.1535

2 ⎝ 2⎠
925
3. (a) Use the graphing utility to graph y=
1 + e − 0 .3 t
(b) As t increases, e-0.3t approaches 0 and hence, y approaches 925.
© As t increases, e-0.3t approaches 0 and hence, y approaches 1000.
0.83
4 (a) This involves substituting 10 for n, that is, P= = 0.7311
1 + e −0.2 (10 )
0.83
(b) This involves substituting 0.75 for P, that is, 0.75 = and solving
1 + e − 0. 2 n
for n.
0.75(1+e-0.2n) = 0.83
0.83
e-0.2n = - 1 = 0.1067
0.75
i.e. ln(e-0.2n ) = 0.1067. This gives n = 11.18 ≈ 11
Lecture Notes 28
Section 4.3
This section has the formulas for the derivatives of the exponential functions.
d (e x ) ⎛ dx ⎞
(a) = ex ⎜ ⎟
dx ⎝ dx ⎠
d (a x )
(b) = (log a)a x
dx
1 xe x + 2 ye x = 0
d ( x) d (e x ) x d ( y ) ⎛ dy ⎞ de x
e x
+x + 2e ⎜ ⎟ + 2y =0
dx dx dx ⎝ dx ⎠ dx
e x (1) + xe x + 2e x (1) y ′ + 2 ye x = 0
[e x + xe x + 2 ye x ]
y′ = −
2e x
2. Given: A = 5000e 0.08t
A′ = 5000 * 0.08e 0.08 t This gives A′ = 400e 0.08t
A′(1) = 400e 0.08 (1) = 433.31
Lecture Notes 29
Section 4.4
1. Logarithmic Functions
y = log a x ⇔ a y = x (“log” refers to logarithms with respect to base a.

If a = 10, it is called “common logarithm”)
y = ln e x ⇔ e y = x (“ln” refers to logarithms with respect to base e,
also called “Natural Logarithm”)
Note: Logarithmic functions are inverse functions of exponential functions.
Properties
9 Domain of f(x) = log a x is all real numbers x > 0

9 Range of f(x) = log a x is all real numbers
9 Vertical asymptote is x = 0.
9 Graph of f(x) = log a x is an increasing curve.
9 x-intercept point is (1, 0).
9 As x approaches 0 from the right, log a x approaches - ∞
9 As x approaches ∞ , log a x approaches + ∞
Note: The above properties hold good for y = ln x
Graph of the Natural Logarithm ic Function, f(x) = ln(x)

2
0
0 1 2 3 4 5
-1
y
-2
-3
-4
-5
x
Lecture Notes 30
2. Laws of Natural Logarithms (or logarithm with respect to any other base a)
(a) ln xy = ln x + ln y (a) log a xy = log a x + log b y
(b) ln x n = n ln x (b) log a x n = n log a x
⎛ x⎞ ⎛x⎞
© ln⎜⎜ ⎟⎟ = ln x − ln y © log a ⎜⎜ ⎟⎟ = log a x − log a y
⎝ y⎠ ⎝ y⎠
(d) ln e x = x (d) log a a x = x
(e) e ln x = x (e) a log x = x

a
Section 4.5
This section has the formulas for the derivative of the logarithmic functions.
d (ln x) 1 ⎛ dx ⎞
(a) = ⎜ ⎟
dx x ⎝ dx ⎠
d (log a x) ⎛ 1 ⎞ 1 ⎛ dx ⎞
(b) =⎜ ⎟ ⎜ ⎟
dx ⎝ ln a ⎠ x ⎝ dx ⎠
Section 4.6
Exponential Growth and Decay
Law of exponential growth or decay is given by:
y = Ce kt where C is the initial value; k is the constant of

proportionality; t is the time; y is the amount after t years.
¾ If k > 0, then it is an “exponential growth”
¾ If k < 0, then it is an “exponential decay”.
Lecture Notes 31
Section 5.1
1. Definition: A function F is an antiderivative of a function f
if, for every x in the domain of f,
it follows that F ′( x ) = f ( x )
This process of “antidifferentiation” produces a family of functions, each differing from

the other by a constant.
Antidifferentiation is called the “Integration”, and is denoted by ∫

2. ∫ f ( x)dx is an “indefinite” integral.
b
∫ f ( x)dx is called a “definite” integral.

a
3. ∫ f ( x)dx = F ( x) + C where C is an arbitrary constant; F(x) is an

antiderivative of f(x), that is, F ′( x ) = f ( x ) for all x in the domain
of f(x).
4.
d
(∫ f ( x)dx ) = f ( x)
dx
⎛ ⎞ df
∫ ⎜ dx ⎟dx = f ( x) + C
⎝ ⎠
∫ kdx = k ∫ dx = kx + C
∫ kf ( x) dx = k ∫ f ( x)dx
∫ [ f ( x) ± g ( x)]dx = ∫ f ( x)dx ± ∫ g ( x)dx
Lecture Notes 32
Section 5.2 and 5.3
x n+1
∫ x dx = n + 1 + C where n ≠ -1
n
1.
∫ e dx = e
x x
2. +C
1
3. ∫ x dx = ln | x | +C
du
dx
4. ∫ u dx = ln | u | +C
Section 5.4
b
1. A = ∫ f ( x)dx is equal to the area of the region bounded by

a
y = f ( x)
x=a
x=b
x − axis, that is, y = 0
2. Fundamental Theorem of Calculus
If f is non-negative and continuous on [a, b], then

b
∫ f ( x)dx = F (b) − F (a ) where F is any function such that F ′( x ) = f ( x )

a
for all x in [a, b]
3. Properties
b
9 ∫ f ( x)dx = 0
a
b a
9 ∫ f ( x )dx = − ∫ f ( x)dx
a b
⎛ 1 ⎞b
9 Average value of f on [a, b] = ⎜ ⎟ ∫ f ( x)dx
⎝ b − a ⎠a
Lecture Notes 33
a a
9 If f is an even function, then ∫ f ( x)dx = 2∫ f ( x)dx

−a 0
a
9 If f is an odd function, then ∫ f ( x)dx = 0

−a
Section 5.5
1. Area of a region bounded by two graphs
Let f(x) and g(x) be two functions, continuous on [a, b]
Also, let g(x) ≤ f(x)
Then, A = ∫ [ f ( x) - g ( x)]dx gives the area bounded by f(x) and g(x), x = a, and x = b.
2. Demand function relates the price of a product to the consumer demand. A typical demand
function is decreasing.
3. Supply function relates the price of a product to producer’s willingness to supply the product. A
typical supply function is increasing.
3. Point of Equilibrium: is the point where the supply and demand curves intersect.
4. Consumer Surplus is given by
x=a
consumersurplus = ∫ (demand − price)dx
x =0
5. Producer Surplus is given by
x =a
producersurplus = ∫ ( price − sup ply )dx
x =0
Lecture Notes 34
Section 6.1
1. Integration by Parts
Let u and v be differential functions of x.
∫ u.dv = uv − ∫ v.du
Exercise 5:
∫ dx
3x
Use integration by parts to find the indefinite integral: xe
Let u be part of the integrand whose derivative is simpler than u.

du
In this example: Let u = x . Then, = 1 ⇒ du = dx
dx
Let dv be the rest of the integrand. That is:

dv = e 3 x dx
integrating on both sides, we get
e 3x
v=
3
Using the “integration by parts” formula, we get the following:
∫ u.dv = uv − ∫ v.du
( )
e3 x e3 x
∫ x e dx =x ∗ 3 − ∫ 3 dx
3x
1 3x
= xe 3 x −
3 ∫ e dx
1 ⎛ e3x ⎞
= xe − ⎜⎜
3x
⎟⎟ + C
3⎝ 3 ⎠
Lecture Notes 35
Exercise 41:
4 4
x −x
Evaluate the definite integral: ∫e

0
x
2
dx = ∫ xe
0
2
dx
−x
Let : u = x. This ⇒ du = dx Let : dv = e 2
dx
−x
Integrating both sides, we get: v = −2e 2
Therefore, using integration by parts, we get the following:
4 x=4 4
∫0 x⎛⎜⎝ e dx ⎞⎟ = ⎡ x • ⎛⎜ − 2e 2 ⎞⎟⎤ − ∫ ⎛⎜ − 2e 2 ⎞⎟dx

−x −x −x
2
⎠ ⎢⎣ ⎝ ⎠⎥⎦ x =0 0 ⎝ ⎠
[ ( ) − 0] + 2 ∫ e
4
−x
−2
= 4 • − 2e 2
dx
0
x=4
= −8e − 2 + 2⎡− 2e ⎤
−x
2
⎢⎣ ⎥⎦ x =0
x=4
− 4 ⎡e 2 ⎤
−x
−2
= −8e
⎢⎣ ⎥⎦ x =0
[
= −8e − 2 − 4 e − 2 − e 0 ]
= −8e − 2 − 4e − 2 + 4
= −12e − 2 + 4 ≈ 2.376
Lecture Notes 36
Exercise 47
Find the area of the region bounded by the graphs of the following equations:
y = x 3 e x , y = 0, x = 0, x = 2
x=2
Area = ∫ x e dx
3 x
Apply “integration by parts”:
x =0
u = x 3 ⇒ du = 3 x 2 dx dv = e x dx
Integrating, we get : v = e x
(
Area = x 3 e x )
x=2
x =0 − 3∫ x 2 e x dx Apply “integration by parts” again:
u = x 2 ⇒ du = 2 xdx dv = e x dx
Area = (x 3 e x )x =0 − 3∫ x 2 e x dx
x=2
⎡ ⎤
= 8e 2 − 3⎢(x 2 e x )0 − 2 ∫ xe x dx ⎥
2
2
⎣ 0 ⎦
= 8e 2 − 3(4e 2 ) + 6∫ xe x dx
2
Apply “integration by parts” again :
0
u = x ⇒ du = dx dv = e x dx
⎡ ⎤
= −4e 2 + 6⎢(xe x )0 − ∫ e x dx ⎥
2
2
⎣ 0 ⎦
= −4e 2 + 6(2e 2 ) − 6(e x )0
2
= 8e 2 − 6(e 2 − e 0 )
= 2e 2 + 6
= 20.778
Lecture Notes 37
Exercise 55:
∫ ln(x )dx
−2
Find the indefinite integral: x
Apply “integration by parts”
1 1
u = ln x ⇒ du = dx dv = dx
x x2
1
Integrating, we get : v = −
x
⎛ 1 ⎞ ⎛ 1 ⎞⎛ 1 ⎞
∫ x −2
ln ( x )dx = (ln x )⎜ − ⎟ − ∫ ⎜ − ⎟⎜ dx ⎟
⎝ x ⎠ ⎝ x ⎠⎝ x ⎠
⎛ ln x ⎞
⎟ + ∫ x dx
−2
= ⎜−
⎝ x ⎠
ln x x −2+1
=− + +c
x − 2 +1
ln x 1 =
=− − +c
x x
= − (1 + ln x ) + c
1
x
Lecture Notes 38

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Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Chapter 0 and Chapter 1.2 through 1.4

If n is a counting number (such as 1, 2, 3, 4, and so on), b n = b • b • b • ....... • b where b appears as a

2. The Order of Arithmetic Operations:

Example: Evaluate 6 + 5(x – 6)3, for x = 8

6 + 5(x – 6)3 = 6 + 5(8 – 6)3 Replace x by 8

= 6 + 5(2)3 First work inside parentheses: 8 – 6 = 2

= 6 + 5(8) Evaluate the exponential expression:

3. Definition of Mathematical Modeling and Mathematical Models:

4. Definition of a Set and its Elements:

As an example, A = {1, 2, 3, 4, 5, 6, 7,. . . . . . .} is a set of all counting numbers. This method

5. Definition of the Intersection of Sets:

A I B ={x | x is an element that belongs to both set A and set B}

6. Definition of the Union of Sets:

7. Definition of an Empty set or a Null set:

8. Definition of sets of different types of numbers

Set of natural or counting numbers: {1, 2, 3, 4, 5, 6, . . . . . . . . . . . . . . . .}.

Set of whole numbers: {0, 1, 2, 3, 4, 5, 6, . . . . . . . . . . . .. .}.

Set of integers: {. . . . , -3, -2, -1, 0, 1, 2, 3, . . . . . . .}.

√ Rational numbers can be expressed as terminating

Set of irrational numbers:

√ Irrational numbers cannot be expressed as a

9. Absolute Value of a Real Number:

10. Definition of Absolute Value:

The algebraic definition of the absolute value of x is given as follows:

Absolute Inequality formulas

12. Rules of Exponents:

Product Rule: b m • b n = b m+n

Zero-Exponent Rule: If b is any real number other than 0, then

Negative-Exponent Rule: If b is any real number other than 0 and n is natural

Products to Powers: (ab )n = a nb n

A number is written in scientific notation when it is expressed in the form

Examples: 6.2 x 107 = 62,000,000 34,970,000,000,000 = 3.497 x 1013

2.019 x 10-3 = 0.002019 0.0000000000802 = 8.02 x 10-11

1.8 x10 4 ⎛ 1.8 ⎞ ⎛ 10 4 ⎞

14. Definition of the principal Square Root

√ 25 = 5 25 is the radicand. The principal square root of 25 is 5.

√ In general, a square root of a negative number is not a real number.

For any real number a, a 2 =| a |

16. The Product Rule for Square Roots

The square root of a product is the product of the square roots.

17. The Quotient Rule for Square Roots

If a and b represent nonnegative real numbers and b ≠ 0, then

The square root of a quotient is the quotient of the square roots.

18. Rationalizing Denominators:

20. Definition of the Principal nth Root of a Real Number

√ If n is odd, then a and b can be any real numbers

21. nth Roots of Perfect nth Powers

22. The Product and Quotient Rules for nth Roots

23. Definition of a Polynomial in x:

Polynomial in x is an algebraic expression of the form

√ n is the degree of the above polynomial

√ an is the leading coefficient

√ a0 is the constant term

√ A polynomial is a single term or the sum of two or more terms containing

Monomial is a polynomial with exactly one term

Binomial is a polynomial with two terms (as an example: x4 + 2)

24. The Product of Two Binomials: FOIL

( A + B )( A − B ) = A 2 − B 2 Product of Sum and Difference of Two Terms

( A + B )2 = A 2 + 2 AB + B 2 The Square of a Binomial Sum

( A − B )2 = A2 − 2 AB + B 2 The Square of a Binomial Difference