53. Calculus is used in economics mainly to a. discover total relations between

ID: 1126435 • Letter: 5

Question

53. Calculus is used in economics mainly to

a. discover total relations between one variable and another.

b. gauge how one variable changes in relation to another.

c. refer to an invention by F. Y. Edgeworth.

d. honor its founder, Isaac Newton.

54. Constrained maximization

a. is a straightforward application of the differential calculus.

b. is a mathematical procedure that describes the consumer’s solution to the problem of utility maximization.

c. produces an optimum result so that consumers (or producers) “get the most for what they’ve got.”

d. all of the above.

e. none of the above.

55. Matrix algebra is highly useful in economics because

a. it facilitates the use of large numbers of equations and variables.

b. it displaces integral calculus.

c. it is applicable to game theory.

d. all of the above.

e. none of the above.

(53) (b)

Calculus is used to assess the effect of change in one variable on another.

(54) (d)

Constrained optimization seeks to maximize (or minimize) the objective function subject to a constraint, and is solved using differential calculus.

(55) (a)

When many variables are involved, Matrix method is useful.

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