ERIC Number: EJ1305346
Record Type: Journal
Publication Date: 2021
Pages: 14
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0020-739X
EISSN: N/A
Teaching Cost Minimization -- Can a Non-Calculus Approach Help?
Kojic, Vedran; Krpan, Mira; Lukac, Zrinka
International Journal of Mathematical Education in Science and Technology, v52 n8 p1281-1294 2021
One of the fundamental topics taught in the microeconomics class is minimizing economic costs. It includes understanding the concept of derivatives and applying them. However, most of the first-year undergraduate students find calculus difficult to understand, which also results in poor knowledge of optimization. We use the method based on the weighted inequality between the arithmetic mean and the geometric mean to explore if such a non-calculus approach can help students solve selected problems and understand the underlying concepts. The method is transparent and intuitive and requires only algebraic manipulations. Although this approach is generally not superior to calculus, it is a good introductory method that can help students understand and adopt more complex terms and procedures required by calculus.
Descriptors: Microeconomics, Mathematical Concepts, Costs, Mathematics Instruction, Teaching Methods, College Freshmen, Algebra, Extracurricular Activities, Arithmetic, Equations (Mathematics), Problem Solving
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Publication Type: Journal Articles; Reports - Evaluative
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
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