More derivatives

Learning objectives

  • Interpret second derivatives
  • Measure change two ways: absolute change and relative (percent) change
  • Understand relative rates (such as birth rates)
    • (percent change in y) \approx (rel derivative) \times \Delta x
    • rel derivative \approx (\ln f(x_2)-\ln(f(x_1))/(x_2-x_1)
  • Understand elasticity (such as price elasticity of demand)
    • (percent change in y) \approx (elasticity) \times (percent change in x)
    • elasticity \approx (\ln f(x_2)-\ln f(x_1))/(\ln x_2-\ln x_1)

Before class

.In class