Elasticity of demand refers to the sensitivity of quantity demanded with respect to changes in another outside factor. There are many types of elasticity of demand. The one most relevant to businesses ...

Do not assume that if you lower your prices, demand will increase enough to make up the difference in income you will receive for products and services. Also, you should not assume that if you raise ...

Calculus to the level of ODEs, partial derivative and multiple integrals, some knowledge of PDEs helpful but not essential. Students should have a certain comfort level with dealing with advanced ...

The first variational problem, necessary conditions. Euler's equation. Generalization to dependent and independent variables. Constraints and Lagrange multipliers. Application to dynamics and ...