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PREFACE
The mathematics needed for the study of economics and business continues to grow with each passing year,
placing ever more demands on students and faculty alike. Schaum’s Outline of Calculus for Business,
Economics, and Finance, Fourth edition introduces one new chapter on sequences and series, and two
sections on applications in Microsoft Excel.
The end of book also presents a new section of problems called Additional Practice Problems which pro-
vide a template that can be used to test students’ knowledge on each chapter, with solutions in the subsequent
pages (called ‘Solution to Practice Problems’).
The objectives of the book have not changed over the 31 years since the introduction of the first edition,
originally called Mathematics for Economists. Schaum’s Outline of Calculus for Business, Economics,
and Finance, Fourth edition is designed to present a thorough, easily understood introduction to the wide
array of mathematical topics that economists, social scientists, and business majors need to know today, such
as linear algebra, differential and integral calculus, nonlinear programming, differential and difference
equations, the calculus of variations, and optimal control theory. The book also offers a brief review of basic
algebra for those who are rusty and provides direct, frequent, and practical applications to everyday economic
problems and business situations.
The theory-and-solved-problem format of each chapter provides concise explanations illustrated
by examples, plus numerous problems with fully worked-out solutions. The topics and related problems
range in difficulty from simpler mathematical operations to sophisticated applications. No mathematical
proficiency beyond the high school level is assumed at the start. The learning-by-doing pedagogy will enable
students to progress at their own rates and adapt the book to their own needs.
Those in need of more time and help in getting started with some of the elementary topics may feel
more comfortable beginning with or working in conjunction with my Schaum’s Outline of Mathematical
Methods for Business, Economics, and Finance, Second Edition, which offers a kinder, gentler approach to the
discipline.
Schaum’s Outline of Calculus for Business, Economics, and Finance, Fourth Edition can be used
by itself or as a supplement to other texts for undergraduate and graduate students in economics, business,
and the social sciences. It is largely self-contained. Starting with a basic review of high school algebra in
Chapter 1, the book consistently explains all the concepts and techniques needed for the material in subse-
quent chapters.
Since there is no universal agreement on the order in which differential calculus and linear algebra
should be presented, the book is designed so that Chapters 10 and 11 on linear algebra can be covered imme-
diately after Chapter 2, if so desired, without loss of continuity.
This book contains over 1600 problems, all solved in considerable detail. To get the most from the book,
students should strive as soon as possible to work independently of the solutions. This can be done by solv-
ing problems on individual sheets of paper with the book closed. If difficulties arise, the solution can then be
checked in the book.
For best results, students should never be satisfied with passive knowledge-the capacity merely to fol-
low or comprehend the various steps presented in the book. Mastery of the subject and doing well on exams
requires active knowledge-the ability to solve any problem, in any order, without the aid of the book.
Experience has proven that students of very different backgrounds and abilities can be successful in
handling the subject matter presented in this text if they apply themselves and work consistently through
the problems and examples.
iii
In closing, I would like to thank my mother Betty, my father Alberto, my brother William, and
my sister Mirella, for raising me to be the man I am today. My nephew Fitzgerald, my goddaughters
Ashley, Briggitte and Valentina, and my godson Adrian, who I envision to be the future of the
upcoming generations. I am also grateful to José, Víctor, Ahmed, Edward, Irvin, Ernesto, Mario,
Daniele, Shaheer, Jared and Andrés, my 11 friends who are part of my family and have been my
support during all my career, and for their unfailing encouragement over these last 15 years.
CHAPTER 1 Review 1
1.1 Exponents. 1.2 Polynomials. 1.3 Equations: Linear and
Quadratic. 1.4 Simultaneous Equations. 1.5 Functions.
1.6 Graphs, Slopes, and Intercepts.
1. The egg may be laid outside a larva, and the embryonic and larval
developments may both be passed on the exterior.
2. The egg may be laid and the embryonic development passed
through, outside the host, but the parasite on hatching may enter the
host, so that the post-embryonic development is passed in the lymph
of the host.
3. The egg may be laid inside the host, both embryonic and post-
embryonic developments being gone through in the fluids of the
host.
4. The egg may be laid inside another egg, the embryonic and post-
embryonic developments being passed therein.
We shall find that all these conditions exist in the Insects we are
about to consider.
Fam. I. Cynipidae—Gall-flies.
Wings with very few cells, with no dark patch (stigma) on the
anterior margin; pronotum fixed to the mesonotum, and at each
side extending back to the point of insertion of the front wing.
Antennae not elbowed but straight, composed of a moderate
number (12-15) of joints. Early stages passed either in galls or
as parasites in the bodies of other Insects.
The wings frequently bear fine hairs; the paucity of nervures and the
absence of the "stigma" are of importance in the definition of the
family. The most important of the cells is one called the radial cell,
situate just beyond the middle of the front part of the wing.
The exact mode in which the egg is brought to the requisite spot in
the plant is still uncertain. The path traversed by the ovipositor in the
plant is sometimes of considerable length, and far from straight; in
some cases before it actually pierces the tissues, the organ is thrust
between scales or through fissures, so that the terebra, or boring
part of the ovipositor, when it reaches the minute seam of cambium,
is variously curved and flexed. Now as the canal in its interior is of
extreme tenuity, and frequently of great length, it must be a very
difficult matter for the egg to reach the tissue where it should
develop. The eggs of Cynipidae are very remarkable bodies; they
are very ductile, and consist of a head, and of a stalk that in some
cases is five or six times as long as the head, and is itself somewhat
enlarged at the opposite end. Some other Hymenoptera have also
stalked eggs of a similar kind (Fig. 357, A, egg of Leucospis). It has
been thought that this remarkable shape permits of the contents of
the egg being transferred for a time to the narrower parts, and thus
allows the broader portion of the egg to be temporarily compressed,
and the whole structure to be passed through a very narrow canal or
orifice. It is, however, very doubtful whether the egg really passes
along the canal of the borer. Hartig thought that it did so, and Riley
supports this view to a limited extent. Adler, however, is of a different
opinion, and considers that the egg travels in larger part outside the
terebra. It should be remembered that the ovipositor is really
composed of several appendages that are developed from the
outside of the body; thus the external orifice of the body is
morphologically at the base of the borer, the several parts of which
are in longitudinal apposition. Hence there is nothing that would
render the view of the egg leaving the ovipositor at the base
improbable, and Adler supposes that it actually does so, the thin end
being retained between the divisions of the terebra. Riley is of
opinion that the act of oviposition in these Insects follows no uniform
system. He has observed that in the case of Callirhytis clavula,
ovipositing in the buds of Quercus alba, the eggs are inserted by the
egg-stalk into the substance of the leaf, and that the egg-fluids are at
first gathered in the posterior end, which is not inserted. "The fluids
are then gradually absorbed from this exposed portion into the
inserted portion of the egg, and by the time the young leaves have
formed the exposed [parts of the] shells are empty, the thread-like
stalk has disappeared, and the egg-contents are all contained within
the leaf tissue." He has also observed that in Biorhiza nigra the
pedicel, or stalk, only is inserted in the embryonic leaf-tissue, and
that the enlarged portion or egg-body is at first external. The same
naturalist also records that in the case of a small inquiline species,
Ceroptres politus, the pedicel of the egg is very short, and in this
case the egg is thrust down into the puncture made by the borer, so
that the egg is entirely covered.
Some Cynipidae bore a large number of the channels for their eggs
before depositing any of the latter, and it would appear that it is the
rule that the boring of the channel is an act separate from that of
actual oviposition. Adler distinguishes three stages: (1) boring of the
canal; (2) the passage of the egg from the base of the ovipositor,
where the egg-stalk is pinched between the two spiculae and the
egg is pushed along the ovipositor; (3) after the point of the
ovipositor is withdrawn, the egg-body enters the pierced canal, and
is pushed forward by the ovipositor until it reaches the bottom.[436]
About fifty years ago Hartig reared large numbers of certain species
of gall-flies from their galls, obtaining from 28,000 galls of Cynips
disticha about 10,000 flies, and from galls of C. folii 3000 or 4000
examples of this species; he found that all the individuals were
females. His observations were subsequently abundantly confirmed
by other naturalists, among whom we may mention Frederick Smith
in our own country, who made in vain repeated attempts to obtain
males of the species of the genus Cynips. On one occasion he
collected in the South of England 4410 galls of C. kollari (at that time
called C. lignicola), and from these he obtained 1562 flies, all of
which were females. A second effort was attended with similar
results. Hartig, writing in 1843, after many years' experience, stated
that though he was acquainted with twenty-eight species of the
genus Cynips, he had not seen a male of any one of them. During
the course of these futile attempts it was, however, seen that a
possible source of fallacy existed in the fact that the Insects were
reared from collected galls; and these being similar to one another, it
was possible that the males might inhabit some different gall. Adler
endeavoured to put the questions thus raised to the test by means of
rearing females from galls, and then getting these females to
produce, parthenogenetically, galls on small oaks planted in pots,
and thus completely under control. He was quite successful in
carrying out his project, and in doing so he made a most
extraordinary discovery, viz. that the galls produced by these
parthenogenetic females on his potted oaks, were quite different
from the galls from which the flies themselves were reared, and
were, in fact, galls that gave rise to a fly that had been previously
considered a distinct species; and of this form both sexes were
produced. Adler's observations have been confirmed by other
naturalists, and thus the occurrence of alternation of generations,
one of the two generations being parthenogenetic, has been
thoroughly established in Cynipidae. We may mention one case as
illustrative. A gall-fly called Chilaspis lowii is produced from galls on
oak-leaves at Vienna at the end of April, both sexes occurring. The
female thereafter lays eggs on the ribs of the leaves of the same
kind of oak, and thus produces a different gall from that which
nourished herself. These galls fall off with the leaves in the autumn,
and in July or August of the following year a gall-fly is produced from
them. It is a different creature from the mother, and was previously
known to entomologists under the name of Chilaspis nitida. Only
females of it occur, and these parthenogenetic individuals lay their
eggs in the young buds of the oak that are already present in the
autumn, and in the following spring, when the buds open and the
leaves develop, those that have had an egg laid in them produce a
gall from which Chilaspis lowii emerges in April or May. In this case
therefore the cycle of the two generations extends over two years,
the generation that takes the greater part of the time for its
production consisting only of females. Adler's observations showed
that, though in some species this alternation of generations was
accompanied by parthenogenesis in one part of the cycle, yet in
other species this was not the case. He found, for instance, that
some gall-flies of the genus Aphilothrix produced a series of
generations the individuals of which were similar to one another, and
were all females and parthenogenetic. In some species of the old
genus Cynips no males are even yet known to occur. A very curious
observation was made by the American, Walsh, viz. that of galls
gathered by him quite similar to one another, some produced
speedily a number of both sexes of Cynips spongifica, while much
later on in the season the remainder of the galls gave rise to females
only of an Insect called Cynips aciculata. It is believed that the galls
gathered by Walsh[437] were really all one species; so that parts of
the same generation emerge at different times and in two distinct
forms, one of them parthenogenetic, the other consisting of two
sexes. It has, however, been suggested that Cynips spongifica and
C. aciculata may be two distinct species, producing quite similar
galls.
Bassett recorded the first case of the kind in connexion with a North
American species, Cynips (Ceroptres) quercus-arbos Fitch. He says:
"On the first of June galls on Quercus ilicifolia had reached their full
size, but were still tender, quite like the young shoots of which they
formed part. Examining them on that day, I discovered on them two
gall-flies, which I succeeded in taking. They were females, and the
ovipositor of each was inserted into the gall so deeply that they could
not readily free themselves, and they were removed by force."
The great resemblance of the inquiline gall-fly to the fly that makes
the gall both dwell in, has been several times noticed by Osten
Sacken, who says "one of the most curious circumstances
connected with the history of two North American blackberry galls is,
that besides the Diastrophus, which apparently is the genuine
originator of the gall, they produce another gall-fly, no doubt an
inquiline, belonging to the genus Aulax, and showing the most
striking resemblance in size, colouring, and sculpture to the
Diastrophus, their companion. The one is the very counterpart of the
other, hardly showing any differences, except the strictly generic
characters! This seems to be one of those curious instances, so
frequent in entomology, of the resemblance between parasites and
their hosts! By rearing a considerable number of galls of D.
nebulosus I obtained this species as well as its parasite almost in
equal numbers. By cutting some of the galls open I ascertained that
a single specimen of the gall frequently contained both species, thus
setting aside a possible doubt whether these Insects are not
produced by two different, although closely similar galls."[438]
Not more than 500 species of Psenides and Inquiline Cynipidae are
known from all parts of the world; and of described Parasitic
Cynipidae there are only about 150 species. The British forms have
recently been treated by Cameron in the work we have already
several times referred to.[439]