Applied Calculus for Business, Economics, and the Social and Life Sciences, Expanded Edition, 11/e (2024 Revised Version)

Description
Applied Calculus for Business, Economics, and the Social and Life Sciences, Expanded Edition, provides a sound, intuitive understanding of the basic concepts students need as they pursue careers in business, economics, and the life and social sciences. Stu- dents achieve success using this text as a result of the authors’ applied and real-world orientation to concepts, problem-solving approach, straightforward and concise writing style, and comprehensive exercise sets. More than 100,000 students worldwide have studied from this text!

Applied Calculus for Business, Economics, and the Social and Life Sciences, Expanded Eleventh Edition, contains all of the material present in the Brief Edition of Calculus for Business, Economics, and the Social and Life Sciences, plus four addi- tional chapters covering Trigonometric Functions, Differential Equations, Infinite Series and Taylor Series Approximations, and Probability and Calculus.

Improvements to This Edition

• Revised Content
  Every section in the text underwent careful analysis and extensive review to ensure the most beneficial and clear presentation. Additional steps and definition boxes were added when necessary for greater clarity and precision, graphs and figures were revised as necessary, and discussions and introductions were added or rewritten as needed to improve presentation.
• Enhanced Topic Coverage
  As technology advances, trigonometric functions are becoming more and more important for all applied topics. For this reason, the chapter on Trigonometric Functions has been moved from Chapter 11 to Chapter 8. This allows classes who cover this topic to do so earlier in the term, following the syllabi of most applied calculus classes and making it clear that trigonometric functions are important for future study. Trig functions are identified and integrated throughout the later chapters, allowing those professors who cover trig functions to assign items that relate to what they have cov- ered while making it simple for students who have not seen trigonometric functions before to skip this material.
  Material on the Extreme Value Property for functions of two variables and find- ing extreme values on closed, bounded regions has been added to Section 7.3. This completes the analogy with the one-variable case and better prepares students for future study of statistics and finite mathematics.
• Improved Exercise Sets
  Almost 250 new routine and application exercises have been added to the already extensive problem sets. A wealth of new applied problems has been added to help demonstrate the practicality of the material, and existing applications have been updated. Exercise sets have been rearranged so that applications are categorized by topic (business/economics, life and social sciences, and miscellaneous).
   
• New Pedagogical Design Elements
  Titles have been added to each example in the text, and learning objectives have been specified at the beginning of each section. Example titles allow both students and instructors to quickly find items of interest to them. These pedagogical improvements make the topics clear and comprehensible for all students, help to organize ideas, and aid both students and professors with review and evaluation.
• Online Matrix Supplement
  The authors have fully revised the matrix supplement. Problems and examples have been revised and updated to include more contemporary applications. The revised supplement in PDF format is posted online for instructors to download at www.mhhe.com/hoffmann.
• Chapter-by-Chapter Changes
  • Titles have been added to all worked examples throughout the book.
  • A list of learning objectives has been added at the beginning of every section.
  • End-of-section exercises have been grouped according to subject.
• Chapter 1
  • New applied exercises have been added to Sections 1.1 through 1.5.
  • Material in Section 1.2 on the rectangular coordinate system, the distance formula, intercepts, and quadratic functions has been added and rewritten. New and revised examples support these changes.
  • In Section 1.4, the coverage of modeling has been revised and includes both new and revised examples.
  • New notes, modified language, and new and revised examples in Section 1.5 help to clarify the topics of limits and infinity.
  • A new example on break-even analysis has been added to Section 1.6.
  • New Just-In-Time Reviews have been added to Sections 1.2 and 1.5.
• Chapter 2
  • The boxes for the constant multiple rule and sum rule have been rewritten to include the prime notation versions of the rules.
  • Many introductions have been rewritten with an eye toward achieving better focus on describing a concept with greater clarity.
  • Ten new exercises have been added to Section 2.3 (Exercises 36 through 39) and 2.4 (Exercises 61 through 64, 89, and 90).
  • A new example using the chain rule twice has been added to Section 2.4.
  • Section 2.5 includes a new introduction to marginal cost with a new example illustrating marginal cost and revenue. New exercises on marginal cost and revenue have also been added.
  • A new introduction to implicit differentiation has been added, and there is a new Just-In-Time Review on related rates.
• Chapter 3
  • A new introductory example for increasing and decreasing functions has been added.
  • There is a new discussion of worker efficiency and point of diminishing returns.
  • The discussion and definition of inflection points and the box summarizing curve sketching with the second derivative have been modified.
  • New exercises have been added in Sections 3.2 and 3.4.
  • The material on price elasticity of demand has been completely rewritten.
  • The chapter summary has been modified.
• Chapter 4
  • Boxes on the present and future values of an investment have been updated.
  • New exercises on investment have been added in Section 4.1 and on elasticity of demand in Section 4.3.
  • A new example with a new demand function has been added to Section 4.3.
• Chapter 5
  • In Section 5.1, there is a new introduction to differential equations and a new example on continuous compounding.
  • There are 20 new exercises in Sections 5.1 and 5.3 (a total of 35 new exercises have been added throughout Chapter 5).
  • A new subsection on the price-adjustment model in economics has been moved from Section 6.2 to Section 5.2, and new examples on price adjustment and a separable differential equation using substitution have been added to Section 5.2.
  • There is a new introduction to Section 5.5.
  • The table of Gini indices for various countries has been updated.
  • The subsections on Consumer Willingness to Spend and Consumers’ Surplus have been completely rewritten.
• Chapter 6
  • Old examples have been deleted from Section 6.1 in favor of a new applied example using the integral table to solve a logistic equation.
  • Twenty-seven new exercises have been added to Chapter 6.
  • A new introduction to improper integrals, new discussion and summary boxes for improper integrals involving —oo, and a new example are included in Section 6.3.
• Chapter 7
  • Twenty-six new exercises have been added to Chapter 7.
  • Data in Section 7.4 have been updated.
  • Section 7.3 has been substantially revised. There is a new introduction to practical optimization, and a subsection involving optimization on a closed, bounded region (the extreme value property) has been added. This material helps students see how one- and two-dimensional optimization problems are related.
  • A new subsection on finding population from population density has been added to Section 7.6.
• Chapter 8
  • This is a revision of the old Chapter 11.
  • Sections 8.2 and 8.3 involve a complete reorganization of old Sections 11.2 and 11.3 and the Chapter Summary has been reorganized.
  • The chapter introduction is new.
  • In Section 8.1, there is a revised table and description of modeling periodic phenomena.
  • New applied examples have been added to Sections 8.2 and 8.3.
  • Forty new exercises have been added to Chapter 8.
• Chapter 9
  • This is a revision of the old Chapter 8.
  • New subsections on modeling with differential equations and population models, and new examples on learning models, inventory models, and logistic growth have been added.
  • There is a new introduction to compartmental analysis.
  • There are 40 new exercises in Chapter 9.
• Chapter 10
  • This is a revision of the old Chapter 9.
  • There is a new Just-In-Time Review, a new summary statement regarding the Taylor series, and a new note on using the Taylor series to evaluate the integral of a normal probability density function.
  • New exercises have been added to Section 10.3 and the Chapter 10 Review Exercises to reflect this new material.
• Chapter 11
  • This is a revision of the old Chapter 10.
  • Section 11.1, the old Section 10.1, has been extensively revised with an emphasis on probability distributions.
  • There is a new introduction to continuous random variables and probability distributions in Section 11.2.
  • Several new routine and applied exercises have been added to Sections 11.1 and 11.2.
  • There is a new interpretation of variance in Section 11.3.