About the economic interpretation of conformable fractional derivatives

Abstract

One of the classical objects for mathematical modeling of dynamic processes (mechanical, physical, economic) is the derivative of a function. For example, the first-order derivative of the function Y =Y(X) by the factor that determines it X sets the limit value corresponding to this indicator. This value describes the growth of the corresponding indicator per unit of growth of the factor that determines it. The derivative of the function describes such economic concepts as marginal utility, elasticity of supply and demand, marginal costs, marginal productivity, marginal cost, marginal income, marginal demand, and others.. In the middle of the 20th century century, a new mathematical object appeared - fractional derivatives of a function of one variable. The properties of this object are already sufficiently studied by mathematicians. The purpose and at the same time the relevance of this work is to raise the question of the economic interpretation of fractional derivatives.