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Net Economics #Classical Economists and their work# Economic theory

 Net Economics #Classical Economists and their work# Economic theory Pls follow , like and share Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies significant contributions and the years in which they were active: Adam Smith (1723-1790): Major Work: "The Wealth of Nations" (1776) Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets i

Differentiation Mathematical Economics

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Differentiation Mathematical Economics  Formulas: Differentiation is a process of calculating a function that represents the rate of change of one variable with respect to another. Differentiation and derivatives have immense application not only in our day-to-day life but also in higher mathematics. : white; color: #353535; font-family: Merriweather, Merriweather-Fallback, "Times New Roman", "Times, Serif"; margin: 0px 0px 1em; padding: 0px;"> Differentiation Definition : Let’s say y is a function of x and is expressed as \(y=f(x)\). Then, the rate of change of “y” per unit change in “x” is given by \(\frac{dy}{dx} \). Here, \(\frac{dy}{dx} \) is known as  differentiation of y with respect to x . It is also denoted as \({f}'(x)\). Rules Of Differentiation: Differentiation Formulas    There are mainly  7 types of differentiation rules  that are widely used to solve problems relate to differentiation: 353535; font-family: Merriweather, Merriweather-Fallba

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