Uses of calculus in business Research Paper Example | Topics and Well Written Essays - 500 words

Uses of calculus in business - Research Paper Example 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? The 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: Owing 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: 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