topic00-math-fall2010

topic00-math-fall2010 - A Review of Some High School Math...

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Unformatted text preview: A Review of Some High School Math Functions, Slope, Exponents, Fractions, Rate of change, Simple equations. Functions A function maps one set of values into another. (e.g.) y = x 2 maps x = 0,x = 1,x = 2, ... into y = 0, y = 1, y = 4 We call ` x the argument of the function. In general terms, we write y=f(x). Economists use functions to map factor inputs (land, labor, capital) into output - these are production functions- and consumption (food, clothing, leisure, etc.) into utility - these are utility functions . A function can be univariate (1 argument) or multivariate (many arguments). Functions (contd.) Univariate functions can be easily represented in a two-dimensional graph. An increasing function is upward sloping. A decreasing function is downward sloping. A function of two variables would need a 3-D graph for a full representation. We draw such functions on a 2-D graph by holding one variable fixed....
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topic00-math-fall2010 - A Review of Some High School Math...

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