DIFFERENTIAL & INTEGRAL CALCULUS. Mathematics & Economics Essay

DIFFERENTIAL & INTEGRAL CALCULUS
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Introduction
This paper discusses the relationship between mathematics and economics. It specifically relates calculus and economics with an objective to construe the use of mathematical formula and concepts in the economic field. Mathematics is useful in economics as its application is paramount in to represent many theoretical frameworks and assist in problem analysis. The use of mathematics plays a great role in guiding economists to formulate meaningful and testable propositions in respect to broad, in-depth and complex subjects that could turn hard to express informally. With mathematical language, economists are given a way through which they prove positive claims are regards to contentious and controversial areas (Spivak, 2018). To mention the least, most economical theories are well described in mathematical summaries and models to create a relationship that would be hard to construe in the absence of mathematics.
Economics as applicable with Calculus
It may be described as a special area in the society that is a social science involving the production, distribution and the consumption of goods and services. It gives an understanding on the human behavior and also the interaction of economic agents critically showing how economics would work in such a situation. The production of goods requires the planning, estimation and the optimization of resources to be used. Producers will use various mix of resources so as to arrive at a required product. According to Spivak (2018), the logistics behind production, distribution and consumption spirals around calculus through its functions and derivatives. An in-depth understanding of calculus is prerequisite in handling complex areas of expertise such as economics. As well, distribution will involve strategic logistics that will be used to deliver the produced goods to its intended consumers. Before these two activities take place, they are preceded by evaluation of the consumption patterns of the final users of commodities being produced and distributed. This therefore depicts the in-depth interaction that economics has with the society. Economics can hence be ruled to be a society.
Economics divides into areas of microeconomics and macroeconomics. Microeconomics provides an analysis on the very basic areas of economy which include markets and individual agents, how these two elements interact and the expected results of such interactions. This is simply the market interaction of firms, households, buyers and sellers and the results of their relationships which are mutually beneficial. On the other hand, macroeconomics deals with a bigger economy such as that of a country hence gives results at an aggregated level. It would touch on aggregate savings, investments, production and consumption (Graham, 2018). Macroeconomics explores other factors that would affect these aggregates such as inflation rates, under-employment of capital, labour and land resources and the remedy to these factors which involve public measures such as fiscal and monetary policies.
The analysis of economics has a wide and total application to the society. It covers major sectors of business, demographics, ...