Bridging Symbolic Computation and Economics: A Dynamic and Interactive Tool to Analyze the Price Elasticity of Supply

It is not possible to achieve the objectives and skills of a program in economics, at the secondary and undergraduate levels, without resorting to graphic illustrations. In this way, the use of educational software has been increasingly recognized as a useful tool to promote students’ moti...

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Bibliographic Details
Main Authors: Jorge M. Andraz, Renato Candeias, Ana C. Conceição
Format: Article
Language:English
Published: MDPI AG 2019-10-01
Series:Mathematical and Computational Applications
Subjects:
Online Access:https://www.mdpi.com/2297-8747/24/4/87
Description
Summary:It is not possible to achieve the objectives and skills of a program in economics, at the secondary and undergraduate levels, without resorting to graphic illustrations. In this way, the use of educational software has been increasingly recognized as a useful tool to promote students&#8217; motivation to deal with, and understand, new economic concepts. Current digital technology allows students to work with a large number and variety of graphics in an interactive way, complementing the theoretical results and the so often used paper and pencil calculations. The computer algebra system <i>Mathematica</i> is a very powerful software that allows the implementation of many interactive visual applications. Thanks to the symbolic and numerical capabilities of <i>Mathematica</i>, these applications allow the user to interact with the graphical and analytical information in real time. However, <i>Mathematica</i> is a commercially distributed application which makes it difficult for teachers and students to access. The main goal of this paper is to present a new dynamic and interactive tool, created with <i>Mathematica</i> and available in the Computable Document Format. This format allows anyone with a computer to use, at no cost, the PES(Linear)-Tool, even without an active Wolfram <i>Mathematica</i> license. The PES(Linear)-Tool can be used as an active learning tool to promote better student activity and engagement in the learning process, among students enrolled in socio-economic programs. This tool is very intuitive to use which makes it suitable for less experienced users.
ISSN:2297-8747