Applied Calculus for Business, Economics, and the Social and Life Sciences, Expanded Edition

Laurence D. Hoffmann November 2011 I consider myself to be a writer and expositor as well as a mathematician, and these traits led to the original version of this text published in 1975. Before assuming my current position as a Senior Investment Management Consultant with Morgan Stanley Smith Barney, I was a tenured professor of mathematics at Claremont McKenna College, where, on three occasions, I was honored to be the recipient of the Huntoon Award for Excellence in Teaching, a best-teacher award determined by a vote of the students. In addition to my current profession and my ongoing involvement with this text, I serve on the Strategic Planning committee of the Claremont Community foundation and on the Investment Committee of the Rancho Santa Ana Botanic Gardens in Claremont. My wife, Janice, and I love to travel, enjoy music and the arts, have two grown sons, three grandchildren and two Maltese dogs. I am an avid (but average) tennis player, am addicted to the Sunday Puzzle on NPR, and have been trying for several years to become fluent in Italian. Long ago, I received by BA in mathematics from Brown University and my Ph.D. in mathematics from the University of Wisconsin. After receiving my undergraduate degree at Harvey Mudd College and my PhD from Caltech, I joined the Mathematics Department at Claremont McKenna College, where I have continued to teach, specializing in calculus, linear algebra, and differential equations. I love to write, and in addition to this text have written published texts on engineering calculus and linear algebra. My wife, Jaqui, and I are active supporters of recording textbooks for the blind and dyslexic. We also travel whenever we get a chance and especially enjoy cruising. Our favorite destinations have been Crete, Barcelona, and Singapore. Im a lifelong Boston Red Sox, Los Angeles Lakers, and USC Trojan football fan, and write science fiction novels in my spare time. We have two sons, a newborn grandson, and seven cats, although its not clear whether we have the cats or they have us. We also raise foster kittens for a local shelter until they are ready to be adopted, and yes, three of our cats are fosters that we could not resist adopting ourselves.

Chapter 1: Functions, Graphs, and Limits1.1Functions1.2The Graph of a Function1.3Linear Functions1.4Functional Models1.5Limits1.6One-Sided Limits and ContinuityChapter 2: Differentiation: Basic Concepts2.1The Derivative2.2Techniques of Differentiation2.3Product and Quotient Rules; Higher-Order Derivatives2.4The Chain Rule2.5Marginal Analysis and Approximations Using Increments2.6Implicit Differentiation and Related RatesChapter 3: Additional Applications of the Derivative3.1 Increasing and Decreasing Functions; Relative Extrema3.2 Concavity and Points of Inflection3.3 Curve Sketching3.4 Optimization; Elasticity of Demand3.5 Additional Applied OptimizationChapter 4: Exponential and Logarithmic Functions4.1 Exponential Functions: Continuous Compounding4.2 Logarithmic Functions4.3 Differentiation of Exponential and Logarithmic Functions4.4 Applications; Exponential ModelsChapter 5: Integration5.1 Antidifferentiation: The Indefinite Integral5.2 Integration by Substitution5.3 The Definite Integral and the Fundamental Theorem of Calculus5.4 Applying Definite Integration: Area Between Curves and Average Value5.5 Additional Applications to Business and Economics5.6 Additional Applications to the Life and Social SciencesChapter 6: Additional Topics in Integration6.1 Integration by Parts; Integral Tables6.2 Improper Integrals6.3 Numerical IntegrationChapter 7: Calculus of Several Variables7.1 Functions of Several Variables7.2 Partial Derivatives7.3 Optimizing Functions of Two Variables7.4 The Method of Least-Squares7.5 Constrained Optimization: The Method of Lagrange Multipliers7.6 Double IntegralsChapter 8: Differential Equations8.1 Introduction to Differential Equations8.2 First-Order Linear Differential Equations8.3 Additional Applications of Differential Equations8.4 Approximate Solutions of Differential Equations8.5 Difference Equations; The Cobweb ModelChapter 9: Infinite Series and Taylor Series Approximations9.1 Infinite Series; Geometric Series9.2 Tests for Convergence9.3 Functions as Power Series; Taylor SeriesChapter 10: Probability and Calculus10.1 Introduction to Probability; Discrete Random Variables10.2 Continuous Random Variables10.3 Expected Value and Variance of Continuous Random Variables10.4 Normal and Poisson Probability DistributionsChapter 11: Trigonometric Functions11.1 The Trigonometric Functions11.2 Differentiation and Integration of Trigonometric Functions11.3 Additional Applications Involving Trigonometric FunctionAppendix A: Algebra ReviewA.1 A Brief Review of AlgebraA.2 Factoring Polynomials and Solving Systems of EquationsA.3 Evaluating Limits with L’Hopital’s RuleA.4 The Summation Notation