財管微積分小考解答

財管微積分小考解答

陳振偉

政治大學應用數學系

2011.03.29
財管微積分小考解答
Differentiation Rules

Differentiation Rules
財管微積分小考解答
Differentiation Rules

Differentiation Rules I
d
dx (c) = 0
d 0
dx (cf (x)) = cf (x)
d 0 0
dx (f (x) ± g(x)) = f (x) ± g (x)
d 0 0
dx (f (x)g(x)) = f (x)g(x) + f (x)g (x) (Product Rule)
f 0 (x)g(x)−f (x)g 0 (x)
 
d f (x)
dx g(x) = (g(x))2
, g 6= 0 (Quotient Rule)
d 0 0
dx f (g(x)) = f (g(x))g (x) (Chain Rule)
d n n−1 (Power Rule)
dx (x ) = nx
財管微積分小考解答
Differentiation Rules

Differentiation Rules II

d x x
dx (e ) = e
d x x
dx (a ) = a ln a
d f (x) ) = ef (x) f 0 (x)
dx (e
d f (x) ) = af (x) f 0 (x) ln a
dx (a
d 1
dx ln x = x
d 1
dx (loga x) = x ln a
d f 0 (x)
dx (ln f (x)) = f (x)
d f 0 (x)
dx (loga f (x)) = f (x) ln a
財管微積分小考解答
Solutions

Solutions
財管微積分小考解答
Solutions

Problem 1.(a)
f (x) = eln π

Solution
∵ eln π is a constant.
∴ f 0 (x) = 0
財管微積分小考解答
Solutions

Problem 1.(a)
f (x) = eln π

Solution
∵ eln π is a constant.
∴ f 0 (x) = 0
財管微積分小考解答
Solutions

Problem 1.(a)
f (x) = eln π

Solution
∵ eln π is a constant.
∴ f 0 (x) = 0
財管微積分小考解答
Solutions

Problem 1.(b)
f (x) = ln (x4 ) − 4ex/2 − x

Solution
f (x) = ln (x4 ) − 4ex/2 − x = 4 ln x − 4ex/2 − x

⇒ f 0 (x) = 4
x − 2ex/2 − 1
財管微積分小考解答
Solutions

Problem 1.(b)
f (x) = ln (x4 ) − 4ex/2 − x

Solution
f (x) = ln (x4 ) − 4ex/2 − x = 4 ln x − 4ex/2 − x

⇒ f 0 (x) = 4
x − 2ex/2 − 1
財管微積分小考解答
Solutions

Problem 1.(b)
f (x) = ln (x4 ) − 4ex/2 − x

Solution
f (x) = ln (x4 ) − 4ex/2 − x = 4 ln x − 4ex/2 − x

⇒ f 0 (x) = 4
x − 2ex/2 − 1
財管微積分小考解答
Solutions

Problem 1.(c)
ex +e−x
f (x) = ex −e−x

Solution
(ex −e−x )(ex −e−x )−(ex +e−x )(ex +e−x )
f 0 (x) = (ex −e−x )2

(e2x −e−2x −2)−(e2x +e−2x +2)

= (ex −e−x )2
−4
= (ex −e−x )2
財管微積分小考解答
Solutions

Problem 1.(c)
ex +e−x
f (x) = ex −e−x

Solution
(ex −e−x )(ex −e−x )−(ex +e−x )(ex +e−x )
f 0 (x) = (ex −e−x )2

(e2x −e−2x −2)−(e2x +e−2x +2)

= (ex −e−x )2
−4
= (ex −e−x )2
財管微積分小考解答
Solutions

Problem 1.(c)
ex +e−x
f (x) = ex −e−x

Solution
(ex −e−x )(ex −e−x )−(ex +e−x )(ex +e−x )
f 0 (x) = (ex −e−x )2

(e2x −e−2x −2)−(e2x +e−2x +2)

= (ex −e−x )2
−4
= (ex −e−x )2
財管微積分小考解答
Solutions

Problem 1.(c)
ex +e−x
f (x) = ex −e−x

Solution
(ex −e−x )(ex −e−x )−(ex +e−x )(ex +e−x )
f 0 (x) = (ex −e−x )2

(e2x −e−2x −2)−(e2x +e−2x +2)

= (ex −e−x )2
−4
= (ex −e−x )2
財管微積分小考解答
Solutions

Problem 1.(d)
2
f (x) = 53x

Solution
2
f 0 (x) = 53x · ln 5 · 6x
財管微積分小考解答
Solutions

Problem 1.(d)
2
f (x) = 53x

Solution
2
f 0 (x) = 53x · ln 5 · 6x
財管微積分小考解答
Solutions

Problem 1.(e)
f (x) = log3 (x4 − 2x)

Solution
f 0 (x) = 1
x4 −2x
· log3 e · (4x3 − 2)
(4x3 −2) log3 e
= x4 −2x

4x3 −2
or = (x4 −2x) ln 3
財管微積分小考解答
Solutions

Problem 1.(e)
f (x) = log3 (x4 − 2x)

Solution
f 0 (x) = 1
x4 −2x
· log3 e · (4x3 − 2)
(4x3 −2) log3 e
= x4 −2x

4x3 −2
or = (x4 −2x) ln 3
財管微積分小考解答
Solutions

Problem 1.(e)
f (x) = log3 (x4 − 2x)

Solution
f 0 (x) = 1
x4 −2x
· log3 e · (4x3 − 2)
(4x3 −2) log3 e
= x4 −2x

4x3 −2
or = (x4 −2x) ln 3
財管微積分小考解答
Solutions

Problem 1.(e)
f (x) = log3 (x4 − 2x)

Solution
f 0 (x) = 1
x4 −2x
· log3 e · (4x3 − 2)
(4x3 −2) log3 e
= x4 −2x

4x3 −2
or = (x4 −2x) ln 3
財管微積分小考解答
Solutions

Problem 2.
2
For f (t) = e−t , t = 10
(a) Find the relative rate of change.
(b) Evaluate the relative rate of change at the given value of t

Solution
2
(a) ∵ ln f (t) = ln e−t = −t2
d
∴ dt ln f (t) = −2t
(b) At t = 10, −2 · 10 = −20
財管微積分小考解答
Solutions

Problem 2.
2
For f (t) = e−t , t = 10
(a) Find the relative rate of change.
(b) Evaluate the relative rate of change at the given value of t

Solution
2
(a) ∵ ln f (t) = ln e−t = −t2
d
∴ dt ln f (t) = −2t
(b) At t = 10, −2 · 10 = −20
財管微積分小考解答
Solutions

Problem 2.
2
For f (t) = e−t , t = 10
(a) Find the relative rate of change.
(b) Evaluate the relative rate of change at the given value of t

Solution
2
(a) ∵ ln f (t) = ln e−t = −t2
d
∴ dt ln f (t) = −2t
(b) At t = 10, −2 · 10 = −20
財管微積分小考解答
Solutions

Problem 2.
2
For f (t) = e−t , t = 10
(a) Find the relative rate of change.
(b) Evaluate the relative rate of change at the given value of t

Solution
2
(a) ∵ ln f (t) = ln e−t = −t2
d
∴ dt ln f (t) = −2t
(b) At t = 10, −2 · 10 = −20
財管微積分小考解答
Solutions

Problem 3.
√
For the demand function D(p) = 175 − 3p, p = 50:
(a) Find the elasticity of demand E(p).
(b) Determine whether the demand is elastic, inelastic, or
unit-elastic at the given price p.

Solution
−p·D0 (p)
(a) ∵ E(p) = D(p)
−p· 21 (175−3p)−1/2 (−3) 3p
∴ E(p) = √
175−3p
= 2(175−3p)
3·50
(b) E(50) = 2(175−3·50) = 3
∵ E(50) = 3> 1
∴ the demand is elastic.
財管微積分小考解答
Solutions

Problem 3.
√
For the demand function D(p) = 175 − 3p, p = 50:
(a) Find the elasticity of demand E(p).
(b) Determine whether the demand is elastic, inelastic, or
unit-elastic at the given price p.

Solution
−p·D0 (p)
(a) ∵ E(p) = D(p)
−p· 21 (175−3p)−1/2 (−3) 3p
∴ E(p) = √
175−3p
= 2(175−3p)
3·50
(b) E(50) = 2(175−3·50) = 3
∵ E(50) = 3> 1
∴ the demand is elastic.
財管微積分小考解答
Solutions

Problem 3.
√
For the demand function D(p) = 175 − 3p, p = 50:
(a) Find the elasticity of demand E(p).
(b) Determine whether the demand is elastic, inelastic, or
unit-elastic at the given price p.

Solution
−p·D0 (p)
(a) ∵ E(p) = D(p)
−p· 21 (175−3p)−1/2 (−3) 3p
∴ E(p) = √
175−3p
= 2(175−3p)
3·50
(b) E(50) = 2(175−3·50) = 3
∵ E(50) = 3> 1
∴ the demand is elastic.
財管微積分小考解答
Solutions

Problem 3.
√
For the demand function D(p) = 175 − 3p, p = 50:
(a) Find the elasticity of demand E(p).
(b) Determine whether the demand is elastic, inelastic, or
unit-elastic at the given price p.

Solution
−p·D0 (p)
(a) ∵ E(p) = D(p)
−p· 21 (175−3p)−1/2 (−3) 3p
∴ E(p) = √
175−3p
= 2(175−3p)
3·50
(b) E(50) = 2(175−3·50) = 3
∵ E(50) = 3> 1
∴ the demand is elastic.
財管微積分小考解答
Solutions

Problem 3.
√
For the demand function D(p) = 175 − 3p, p = 50:
(a) Find the elasticity of demand E(p).
(b) Determine whether the demand is elastic, inelastic, or
unit-elastic at the given price p.

Solution
−p·D0 (p)
(a) ∵ E(p) = D(p)
−p· 21 (175−3p)−1/2 (−3) 3p
∴ E(p) = √
175−3p
= 2(175−3p)
3·50
(b) E(50) = 2(175−3·50) = 3
∵ E(50) = 3> 1
∴ the demand is elastic.
財管微積分小考解答
Solutions

Problem 3.
√
For the demand function D(p) = 175 − 3p, p = 50:
(a) Find the elasticity of demand E(p).
(b) Determine whether the demand is elastic, inelastic, or
unit-elastic at the given price p.

Solution
−p·D0 (p)
(a) ∵ E(p) = D(p)
−p· 21 (175−3p)−1/2 (−3) 3p
∴ E(p) = √
175−3p
= 2(175−3p)
3·50
(b) E(50) = 2(175−3·50) = 3
∵ E(50) = 3> 1
∴ the demand is elastic.
財管微積分小考解答
Solutions

Problem 4.
A sum of $1000 at 5% interest compounded continuously will
grow to V (t) = 1000e0.05t dollars in t years. Find the rate of
growth after:
(a) 0 years (the time of the original deposit).
(b) 10 years.

Solution
(a) V (t) = 1000e0.05t ⇒ V 0 (t) = 50e0.05t
V 0 (0) = 50e0.05·0 = 50
The rate of growth after 0 years is $50 per year.
(b) V 0 (10) = 50e0.05·10 = 50e0.5
The rate of growth after 10 years is $50e0.5 per year.
財管微積分小考解答
Solutions

Problem 4.
A sum of $1000 at 5% interest compounded continuously will
grow to V (t) = 1000e0.05t dollars in t years. Find the rate of
growth after:
(a) 0 years (the time of the original deposit).
(b) 10 years.

Solution
(a) V (t) = 1000e0.05t ⇒ V 0 (t) = 50e0.05t
V 0 (0) = 50e0.05·0 = 50
The rate of growth after 0 years is $50 per year.
(b) V 0 (10) = 50e0.05·10 = 50e0.5
The rate of growth after 10 years is $50e0.5 per year.
財管微積分小考解答
Solutions

Problem 4.
A sum of $1000 at 5% interest compounded continuously will
grow to V (t) = 1000e0.05t dollars in t years. Find the rate of
growth after:
(a) 0 years (the time of the original deposit).
(b) 10 years.

Solution
(a) V (t) = 1000e0.05t ⇒ V 0 (t) = 50e0.05t
V 0 (0) = 50e0.05·0 = 50
The rate of growth after 0 years is $50 per year.
(b) V 0 (10) = 50e0.05·10 = 50e0.5
The rate of growth after 10 years is $50e0.5 per year.
財管微積分小考解答
Solutions

Problem 4.
A sum of $1000 at 5% interest compounded continuously will
grow to V (t) = 1000e0.05t dollars in t years. Find the rate of
growth after:
(a) 0 years (the time of the original deposit).
(b) 10 years.

Solution
(a) V (t) = 1000e0.05t ⇒ V 0 (t) = 50e0.05t
V 0 (0) = 50e0.05·0 = 50
The rate of growth after 0 years is $50 per year.
(b) V 0 (10) = 50e0.05·10 = 50e0.5
The rate of growth after 10 years is $50e0.5 per year.
財管微積分小考解答
Solutions

Problem 5.
Since the development of the iPod, the stock price of Apple has
been growing rapidly and has been approximately 3.2e0.5x ,
wherex is the number of years since 2000 (for 2 ≤ x ≤ 7). Find
the relative growth rate of Apple’s stock price at any time
during that period.

Solution
Let f (x) = 3.2e0.5x , then ln f (x) = ln 3.2e0.5x = ln 3.2 + 0.5x
d
⇒ dx ln f (x) = 0.5
The stock was appreciating by 50% per year.
財管微積分小考解答
Solutions

Problem 5.
Since the development of the iPod, the stock price of Apple has
been growing rapidly and has been approximately 3.2e0.5x ,
wherex is the number of years since 2000 (for 2 ≤ x ≤ 7). Find
the relative growth rate of Apple’s stock price at any time
during that period.

Solution
Let f (x) = 3.2e0.5x , then ln f (x) = ln 3.2e0.5x = ln 3.2 + 0.5x
d
⇒ dx ln f (x) = 0.5
The stock was appreciating by 50% per year.
財管微積分小考解答
Solutions

Problem 5.
Since the development of the iPod, the stock price of Apple has
been growing rapidly and has been approximately 3.2e0.5x ,
wherex is the number of years since 2000 (for 2 ≤ x ≤ 7). Find
the relative growth rate of Apple’s stock price at any time
during that period.

Solution
Let f (x) = 3.2e0.5x , then ln f (x) = ln 3.2e0.5x = ln 3.2 + 0.5x
d
⇒ dx ln f (x) = 0.5
The stock was appreciating by 50% per year.
財管微積分小考解答
Solutions

Problem 5.
Since the development of the iPod, the stock price of Apple has
been growing rapidly and has been approximately 3.2e0.5x ,
wherex is the number of years since 2000 (for 2 ≤ x ≤ 7). Find
the relative growth rate of Apple’s stock price at any time
during that period.

Solution
Let f (x) = 3.2e0.5x , then ln f (x) = ln 3.2e0.5x = ln 3.2 + 0.5x
d
⇒ dx ln f (x) = 0.5
The stock was appreciating by 50% per year.
財管微積分小考解答
Solutions

Problem 5.
Since the development of the iPod, the stock price of Apple has
been growing rapidly and has been approximately 3.2e0.5x ,
wherex is the number of years since 2000 (for 2 ≤ x ≤ 7). Find
the relative growth rate of Apple’s stock price at any time
during that period.

Solution
Let f (x) = 3.2e0.5x , then ln f (x) = ln 3.2e0.5x = ln 3.2 + 0.5x
d
⇒ dx ln f (x) = 0.5
The stock was appreciating by 50% per year.
財管微積分小考解答
Solutions

Problem 6.
A European oil-producing country estimates that the demand
for its oil (in millions of barrels per day) is D(p) = 3.5e−0.06p ,
where p is the price of a barrel of oil. To raise its revenues,
should it raise or lower its price from its current level of $120
per barrel?

Solution
−p·D0 (p)
∵ E(p) = D(p)
−p·3.5e−0.06p (−0.06)
∴ E(p) = 3.5e−0.06p
= 0.06p
⇒ E(120) = 0.06 · 120 = 7.2
∵ E(120) = 7.2> 1
∴ demand is elastic
∴ it should lower prices.
財管微積分小考解答
Solutions

Problem 6.
A European oil-producing country estimates that the demand
for its oil (in millions of barrels per day) is D(p) = 3.5e−0.06p ,
where p is the price of a barrel of oil. To raise its revenues,
should it raise or lower its price from its current level of $120
per barrel?

Solution
−p·D0 (p)
∵ E(p) = D(p)
−p·3.5e−0.06p (−0.06)
∴ E(p) = 3.5e−0.06p
= 0.06p
⇒ E(120) = 0.06 · 120 = 7.2
∵ E(120) = 7.2> 1
∴ demand is elastic
∴ it should lower prices.
財管微積分小考解答
Solutions

Problem 6.
A European oil-producing country estimates that the demand
for its oil (in millions of barrels per day) is D(p) = 3.5e−0.06p ,
where p is the price of a barrel of oil. To raise its revenues,
should it raise or lower its price from its current level of $120
per barrel?

Solution
−p·D0 (p)
∵ E(p) = D(p)
−p·3.5e−0.06p (−0.06)
∴ E(p) = 3.5e−0.06p
= 0.06p
⇒ E(120) = 0.06 · 120 = 7.2
∵ E(120) = 7.2> 1
∴ demand is elastic
∴ it should lower prices.
財管微積分小考解答
Solutions

Problem 6.
A European oil-producing country estimates that the demand
for its oil (in millions of barrels per day) is D(p) = 3.5e−0.06p ,
where p is the price of a barrel of oil. To raise its revenues,
should it raise or lower its price from its current level of $120
per barrel?

Solution
−p·D0 (p)
∵ E(p) = D(p)
−p·3.5e−0.06p (−0.06)
∴ E(p) = 3.5e−0.06p
= 0.06p
⇒ E(120) = 0.06 · 120 = 7.2
∵ E(120) = 7.2> 1
∴ demand is elastic
∴ it should lower prices.
財管微積分小考解答
Solutions

Problem 6.
A European oil-producing country estimates that the demand
for its oil (in millions of barrels per day) is D(p) = 3.5e−0.06p ,
where p is the price of a barrel of oil. To raise its revenues,
should it raise or lower its price from its current level of $120
per barrel?

Solution
−p·D0 (p)
∵ E(p) = D(p)
−p·3.5e−0.06p (−0.06)
∴ E(p) = 3.5e−0.06p
= 0.06p
⇒ E(120) = 0.06 · 120 = 7.2
∵ E(120) = 7.2> 1
∴ demand is elastic
∴ it should lower prices.
財管微積分小考解答
Solutions

Problem 6.
A European oil-producing country estimates that the demand
for its oil (in millions of barrels per day) is D(p) = 3.5e−0.06p ,
where p is the price of a barrel of oil. To raise its revenues,
should it raise or lower its price from its current level of $120
per barrel?

Solution
−p·D0 (p)
∵ E(p) = D(p)
−p·3.5e−0.06p (−0.06)
∴ E(p) = 3.5e−0.06p
= 0.06p
⇒ E(120) = 0.06 · 120 = 7.2
∵ E(120) = 7.2> 1
∴ demand is elastic
∴ it should lower prices.