I went to the lecture solutions. what is the meaning of dr/dq= marginal cost What is the d ? Then for total costs its dc/dq what are these symbols standing for? dr, dq, & dc

They are symbols relating to differentiation (which you should have studied at school – some people use a little triangle symbol instead of ‘d’). However you cannot be examined on differentiation in the exam and so it is nothing to worry about. As I explain in the lecture, you are given the relevant formula and are not expected to prove them.

Dear Sir, I have spend about 3 days to understand this chapter (Pricing) using BPP book but even couldn’t understand anything at the end, however, they way Sir John has explained and the examples he used, it was incredible. I am really very thankful to opentuition for providing free tuitions by the great tutor.

Thanks John. Well understood. They most important thing to do is to find the values of ‘a’ and ‘b’ as demonstrated in the presentation and then solve for ‘p’ and ‘q’. We then use the values of ‘p’ and ‘q’ to calculate the maximum contribution/profit as the case maybe.

addisanopacourage says

Hi John

I went to the lecture solutions. what is the meaning of dr/dq= marginal cost

What is the d ? Then for total costs its dc/dq what are these symbols standing for?

dr, dq, & dc

Thanks in advance

John Moffat says

They are symbols relating to differentiation (which you should have studied at school – some people use a little triangle symbol instead of ‘d’). However you cannot be examined on differentiation in the exam and so it is nothing to worry about. As I explain in the lecture, you are given the relevant formula and are not expected to prove them.

addisanopacourage says

Hi John

Thank you so much for your help, really appreciate

John Moffat says

You are welcome 🙂

loukasierides says

Dear Sir,

the answer at the end of the notes is different than mine. Why is P=120-0.001Q?

Is it not 100=a-20000b which then gives a = 300? and so on

loukasierides says

Oh My 0.001 times 20000 is 20 not 200.

I am sorry excuse my carelessness!

John Moffat says

No problem 🙂

loukasierides says

excellent explanation, so helpful!

John Moffat says

Thank you for your comment 🙂

lisa239 says

Thank you.

John Moffat says

You are welcome 🙂

John Moffat says

Yes it is true!

The workings are in the free Lecture Notes (along with the answers to all of the examples).

wajinow says

Nice lecture!Thank you sir!!!

imranraza84 says

Dear Sir,

I have spend about 3 days to understand this chapter (Pricing) using BPP book but even couldn’t understand anything at the end, however, they way Sir John has explained and the examples he used, it was incredible. I am really very thankful to opentuition for providing free tuitions by the great tutor.

Thank you very much Sir John. God bless you. 🙂

John Moffat says

Thank you for the comment 🙂

Samuel Koroma says

Thanks John. Well understood. They most important thing to do is to find the values of ‘a’ and ‘b’ as demonstrated in the presentation and then solve for ‘p’ and ‘q’. We then use the values of ‘p’ and ‘q’ to calculate the maximum contribution/profit as the case maybe.

John Moffat says

True!

John Moffat says

Yes – it is correct 🙂

(The answers to all the examples are printed in the free lecture notes – look at the contents page to find them)

israfilovresad says

I find them. Thanks.

John Moffat says

You are welcome 🙂

israfilovresad says

Good day.

In example 6 I calculate the selling price $62.5 p.u.

demand quantity 57500 units

profit $3206250

Is it true? Thanks.