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Calculus of multivariate functions: it’s application in business
Calculus of multivariate functions is a mathematical concept that has to do with two sets of variables, the dependent variables and the independent variables. Multivariate functions can be applied to situations in business organizations like a manufacturer‟s profit (which is a dependent variable) depending on sales, overhead costs, the cost of raw materials used, and so on (which are independent variables); output of a factory may depend on the amount of capital invested in the plant, the size of the labour force and the cost of raw materials, and so on. The paper dwells on differential calculus of multivariate functions and has considered types of multivariate differentiation, higher order to partial differentiation, maxima and minima for multivariate functions without constraints, application of calculus of multivariate functions in business and finally, conclusion.