What Is The Concept Of Derivatives? Can You Explain It With Its Different Tools?

1. Variable: It is something that can take on different values during a discussion is called variable e.g. price, profit, cost, national income, investment, saving etc.
Commonly, the first letter of the name of a variable is use as a symbol of that variable e.g. P for price, C for consumption etc. sometimes deviate form this principle an important letter is use as the symbol of a variable e.g. X for export, M for imports, Y for income etc.

Range of a Variable: A set of all possible values adopted by a variable is called the range of variable. The lower value of the variable is called lower limit while the upper value is called upper limit.

2. Constant: It is quantity that cannot change its magnitude during a discussion is called constant e.g. 1,2,3,4, etc.

3. Parameters: Parameters is posed to represent a given constant and yet we have not assigned to it a specific value, it can take virtually any value. In other words, it is a constant that is variable e.g. Qd=a-bP where "A" and "B" are parameters.

4. Co-efficient of Variable: When a constant is joined to a variable, it is referred to as the co-efficient of that variable e.g. Qd =10-2p, (-2 is the co-efficient of P).

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