Application of mathematics In Economics

Application of mathematics In Economics

A special lecture on "Application of mathematics in Economics " was organised on 18th October 2019. Mrs.Dhatchayani, visiting Professor in Bharath University was invited as a resource person. Currently she is persuing her P.hD in Economics in Saveetha University, Chennai. First she explained how the differential calculus could be used to find marginal cost and marginal revenue. She explained how the principles of mathematics such as integration could be used to find out the total cost function and total revenue function from the marginal cost and also to find out consumer’s surplus and producer’s surplus from the demand and supply function. she explained input-out put analysis . Input-output analysis is a mathematical technique for studying the production structure of an economy on the assumption of mutual interdependence of the variousnectors of the economy. The primary purpose of the input-output analysis is to calculate the out-put levels in various industries that would be required by particular levels of demand for final goods. The session was quit intersting and students raised many questions during the last secession and gained knowledge.