GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Entrepreneurs
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Economists
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Manufacturers
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Consumers
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Detailed explanation-1: -Use of mathematical tools in economics helps in systematic understanding of relationships and derivation of certain results which would be more complex through verbal logic. The mathematical approach can be considered as a quick mode of transportation from a set of postulates to a set of conclusion.
Detailed explanation-2: -Three of the most effective tools that economists use are the scientific method, graphs, and economic models. You are no doubt familiar with the first tool, which you probably began learning in elementary school.
Detailed explanation-3: -Review of some basic logic, matrix algebra, and calculus. Topics in multivariate calculus. Concavity and convexity. Optimization. Optimization: interior optima. Optimization: equality constraints. Optimization: the Kuhn-Tucker conditions for problems with inequality constraints. More items