Economics: implicit differentiation

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Dat1Guy
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#1
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#1
I've attached a question. I understand the implicit differentiation on the RHS as this is realtevily straightforward, but on the left hand side, g(p) when the first derivative of P w.r.t (t) is found, the solutions says g'(p) ×dp/dt

I'm baffled. I've tried to work it through but to no avail. If anyone could help me with this, would be much appreciated

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Shiv7
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(Original post by Dat1Guy)
I've attached a question. I understand the implicit differentiation on the RHS as this is realtevily straightforward, but on the left hand side, g(p) when the first derivative of P w.r.t (t) is found, the solutions says g'(p) ×dp/dt

I'm baffled. I've tried to work it through but to no avail. If anyone could help me with this, would be much appreciated

Name:  image-3007521b-e7e6-468c-bd5d-be2ecd9e288d3365390922802996448-compressed.jpg.jpeg
Views: 79
Size:  75.5 KB
Name:  image-c7d83ab5-d4a2-4c20-a29d-425ad75e7f106175491977751609446-compressed.jpg.jpeg
Views: 74
Size:  43.8 KB
Hi,
Can I just ask where you found these applied Economics questions?
Thanks.
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Dat1Guy
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Speckle
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Don't overcomplicate this - it's just the definition of the chain rule.If you were differentiating with respect to P, it would be d/dP = g'(P). But we are differentiating with respect to t, where P is a function of t and so d/dt = g'(P) * dP/dt
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