Students’ Understanding of the Derivative Concept in the Context of Mathematics for Economics

Abstract

The derivative concept plays a major role in economics. However, its use in economics is very heterogeneous, sometimes inconsistent, and contradicts students’ prior knowledge from school. This applies in particular to the common economic interpretation of the derivative as the amount of change while increasing the production by one unit. Hence, in calculus courses for economics students, learners should acquire an understanding of the derivative that is mathematically acceptable and connected to their prior knowledge, but which also takes into account its practical use in economics. In this paper we first develop a theoretical model describing such an understanding of the derivative for economics students. We then present an exploratory study investigating the extent to which economics students have such an understanding after their calculus course. The results indicate that many of them might not have acquired this kind of understanding, in particular concerning the common economic interpretation of the derivative. The study furthermore yields possible gaps in students’ understanding and possible misconceptions.