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EEP101.Section1.S14

EEP101.Section1.S14 - Spring 2014 Environmental...

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Spring 2014 Environmental Economics /EEP101/ECON125 Section 1 – Calculus and Econ Review Review of Concepts: Function: What is a function (of real numbers): Is a link by mathematical operator(s) between elements of a domain (inputs) and elements of a codomain or image (output). An (ordinary) function associates each element of the domain to a single element in the codomain. (c.f. multi-valued function) Examples of functions: 𝑓𝑓 ( 𝑥𝑥 ) = 𝑥𝑥 2 + 1 ; 𝑓𝑓 ( 𝑥𝑥 ) = ln( 𝑥𝑥 ) ; 𝑓𝑓 ( 𝑥𝑥 ) = √𝑥𝑥 ; 𝑓𝑓 ( 𝑥𝑥 , 𝑦𝑦 ) = ∣𝑥𝑥∣ − 𝑦𝑦 ; 𝑓𝑓 ( 𝑥𝑥 , 𝑦𝑦 ) = ( 𝑥𝑥 + 𝑦𝑦 ) 3 . Derivative: What is a derivative (of a single variable function): By how much does the value of a function change when its argument changes; The derivative at the given point of the domain is the slope of the function at that point; The derivative in general can itself be a function that represents the relationship between the
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