microbook_3e-page18

microbook_3e-page18 - Similarly, x 1 x x x 1 and 2 1 2 x 1...

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Unformatted text preview: Similarly, x 1 x x x 1 and 2 1 2 x 1 x x 1 x x 1 x x x . But what about 5 x . ? Thats the square root of x : x x 5 . . Ex. 4 16 16 5 . By the same logic as before: x 1 x 5 . . Ex. 3 1 9 1 9 5 . a few preliminaries functions You may have seen something like this in your high school algebra classes: + , x f . This notation means that there is a function named f whose value depends on the value of the variable called x . Some examples of functions in economics include: x The quantity of output that a firm produces depends on the amount of labor that it employs. In such a case, we can define a function called TP (which stands for Total Production) whose value depends on a variable called L (which stands for Labor). So we would write: + , L TP . x A firms total cost of producing output depends on the amount of output that it produces. In such a case, we can define a function called TC (which stands for Total Cost) whose value depends on...
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