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INTEGRATION, INDEFINITE INTEGRAL, FUNDAMENTAL FORMULAS AND RULES

Def. Indefinite integral. The indefinite integral of a function f(x) is a function F(x) whose derivative is f(x). The indefinite integral of a function is the primitive of the function. The terms indefinite integral, integral, primitive, and anti-derivative all mean the same thing. They are used interchangeably. Of the four terms, the term most commonly used is integral, short for indefinite integral. If F(x) is an integral of f(x) then F(x) + C is also an integral of f(x), where C is any constant.

Def. Integrate (a function). To integrate a function is to go through the process of finding the integral or primitive of the function.

Notation used to denote integrals. The notation used to denote the integral (or primitive) of a function f(x) is

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

This notation may seem a bit illogical, cumbersome and confusing to a first-time reader and he may wonder why such a complicated notation would be used to denote the primitive F(x) of a function f(x). Surely a simple notation such as Λ f(x) could be used to denote a primitive of f(x). Why use such a abstruse, confusing, cumbersome notation? Well, there are reasons behind the notation.

It is a notation that follows logically if we assume we can use the usual algebraic rules in the manipulation of differentials in equation form. The notation follows as a logical consequence of the rules. For example, consider the following.

By the definition of an integral or primitive we have the following relationship between a function f(x) and its primitive F(x):

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com
Then, using algebraic rules of manipulation,

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com
Taking the integral of both sides,

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com


 

Thus, using rules of algebraic manipulation, we have started with

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com
and deduced that the primitive F(x) is given by

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

Thus this notation allows us to use algebraic manipulation in solving integration problems.

In addition, most integration problems come in the form of definite integrals of the form

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

and we work algebraically from that form. The source of the notation is undoubtedly the definite integral. It is the definite integral without the limits. Indeed, if you view the upper limit b of the definite integral 1) as variable, replace it with x, then it becomes the area function and the area function A(x) does indeed represent a primitive of f(x).

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com
Fundamental integration formulas. The following are the main formulas and rules for integration, the most important of which need to be memorized. Many follow immediately from the standard differentiation formulas. a and m are constants.

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com
Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com
   Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

 

Def. Evaluate (an integral). To carry out the indicated integration, and if it is a definite integral, substitute the limits of integration.

The process of integration. The definition of the derivative carried with it a formal process by which one could find the derivative of a given function. Given any analytically defined function (algebraic, trigonometric, etc.) we can find the derivative of it through a fairly straightforward process. The situation with integration is different. There is no straightforward, direct process for integrating a function. The process goes like this: We are presented with an integral such as

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

to evaluate. To do it we ask ourselves, “What primitive has the differential f(x)dx?” We use our knowledge of memorized formulas and rules plus various techniques that we have learned plus perhaps integration tables to try to find a primitive, if one exists. There is no set procedure. Creativity and ingenuity are often needed. Typically we may do a lot of manipulating and experimenting. If we find a primitive F(x), then the integral is given as
Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

 

where C is any constant.

If we are presented with a definite integral such as

Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

to evaluate, then the solution will have the form
Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

There is, however, no guarantee that a solution exists that is expressible in terms of elementary functions. For example, none of the functions
Standard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

have primitives that can be expressed in terms of elementary functions. There is, for example, no finite combination of elementary functions (i.e. algebraic, trigonometric, exponential, etc.) whose derivative isStandard forms of Integration, Business Mathematics & Statistics | Business Mathematics and Statistics - B Com

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FAQs on Standard forms of Integration, Business Mathematics & Statistics - Business Mathematics and Statistics - B Com

1. What are the standard forms of integration?
Ans. The standard forms of integration include: - Power Rule: This rule states that the integral of x^n with respect to x is (x^(n+1))/(n+1), where n is any real number except for -1. - Exponential Rule: This rule states that the integral of e^x with respect to x is e^x + C, where C is the constant of integration. - Trigonometric Rule: This rule includes various formulas for integrating trigonometric functions, such as the integral of sin(x) with respect to x is -cos(x) + C. - Logarithmic Rule: This rule states that the integral of 1/x with respect to x is ln|x| + C, where ln denotes the natural logarithm and C is the constant of integration. - Substitution Rule: This rule allows us to replace a variable in the integral with a new variable to simplify the integration process.
2. How can standard forms of integration be applied in business mathematics?
Ans. Standard forms of integration are applicable in business mathematics for various purposes, such as: - Calculating cumulative probability: Integration is used to find the area under probability density functions, which helps in determining cumulative probabilities in business statistics. - Evaluating revenue and cost functions: Integration can be used to determine revenue and cost functions in business, allowing companies to analyze profitability and make informed decisions. - Assessing demand and supply functions: Integration helps in determining demand and supply functions, which are crucial for analyzing market equilibrium, pricing strategies, and forecasting. - Analyzing production and inventory models: Integration is used in mathematical models to analyze production levels, optimal inventory management, and cost minimization in business operations. - Calculating present value and future value: Integration techniques are applied in financial mathematics to calculate the present value and future value of cash flows, investments, and annuities.
3. What is the significance of integration in statistical analysis?
Ans. Integration plays a significant role in statistical analysis by enabling the calculation of important statistical measures and probabilities. Some key significance of integration in statistical analysis includes: - Calculation of expected values: Integration is used to calculate the expected value of a random variable, which represents the average value or long-term outcome of a statistical experiment. - Determination of probability density functions: Integration helps in determining probability density functions, which provide insights into the likelihood of different outcomes in a continuous random variable. - Calculation of cumulative distribution functions: Integration is used to find cumulative distribution functions, which give the probability that a random variable is less than or equal to a certain value. - Approximation of statistical distributions: Integration techniques, such as the use of normal distribution functions, are employed to approximate the behavior of complex statistical distributions. - Analysis of confidence intervals and hypothesis testing: Integration is used in statistical inference to calculate confidence intervals and perform hypothesis testing, aiding in decision-making and drawing conclusions from data.
4. How are integration techniques applied in financial analysis?
Ans. Integration techniques find various applications in financial analysis, including: - Calculating the net present value (NPV): Integration is used to calculate the NPV of cash flows by discounting future cash flows to their present value, enabling financial analysts to assess the profitability of investment projects. - Valuing options and derivatives: Integration plays a crucial role in valuing options and derivatives using mathematical models such as the Black-Scholes model, which involve complex integration techniques. - Estimating risk measures: Integration is used to estimate risk measures such as Value at Risk (VaR) and Conditional Value at Risk (CVaR), providing insights into the potential losses a financial portfolio may face. - Evaluating bond prices: Integration techniques are employed to calculate bond prices by discounting future cash flows, helping investors analyze bond investments and make informed decisions. - Analyzing interest rate models: Integration is used in interest rate modeling to determine interest rate derivatives, yield curves, and other important financial indicators.
5. How can integration be used to analyze business optimization problems?
Ans. Integration techniques are employed in analyzing business optimization problems by: - Determining marginal functions: Integration helps in calculating marginal functions, providing insights into the rate of change of a particular variable concerning another variable. This information is crucial for optimizing business operations. - Maximizing or minimizing functions: Integration is used to find maximum or minimum values of functions, allowing businesses to optimize various aspects such as profit, production levels, cost, and resource allocation. - Analyzing production and cost functions: Integration techniques aid in analyzing production and cost functions to optimize production levels, minimize costs, and maximize profitability. - Optimizing inventory management: Integration is used in inventory models to determine optimal inventory levels, reorder points, and economic order quantities, helping businesses minimize inventory costs while maintaining adequate stock levels. - Optimizing marketing and pricing strategies: Integration techniques can be applied to analyze demand and supply functions, enabling businesses to optimize marketing strategies, set prices, and maximize revenue.
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