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microbook_3e-page18

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

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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 Âˇ . But what about 5 x . ? Thatâ€™s 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 . Ć‡ Ć‡ Ć‡ a few preliminaries â€“ 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 â€ś f â€ť whose value depends on the value of the variable called â€ś x .â€ť 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 â€ś TP â€ť (which stands for Total Production) whose value depends on a variable called â€ś Lâ€ť (which stands for Labor). So we would write: + , L TP . x A firmâ€™s total cost of producing output depends on the amount of output that it produces. In such a case, we can define a function called â€śTC â€ť (which stands for Total Cost) whose value depends on...
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