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Introduction To Mathematical Economics: Week#1-2

This document introduces functions and graphs. It provides examples of representing functions using equations, tables, and graphs. It defines key terms like domain and range. Common functions in economics are discussed like linear, quadratic, polynomial, rational, and power functions. Examples are given to illustrate linear and quadratic functions.

Uploaded by

Katesopon Kunpanperng
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© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
71 views

Introduction To Mathematical Economics: Week#1-2

This document introduces functions and graphs. It provides examples of representing functions using equations, tables, and graphs. It defines key terms like domain and range. Common functions in economics are discussed like linear, quadratic, polynomial, rational, and power functions. Examples are given to illustrate linear and quadratic functions.

Uploaded by

Katesopon Kunpanperng
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 16

Introduction to

Mathematical Economics
Week#1-2
1.4 Function and Graph
• Goals: understand the basic idea of function and its graph
• Representing function:
• Equation
• Table
• Graph
• Word

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1.4 Function and Graph
• Equation example:
• The volume of sphere S depends on its
radius, r. The relation of r and S can be
expressed as a form of equation .
• Every positive value of r gives a volume of
S which can be called that S is a function
of r.

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1.4 Function and Graph
• Table example: Year %

• The Thailand "Life expectancy at birth, 1970 59.39


1975 61.99
total (years)" information demonstrates the
1980 64.45
improvement percentage during the last 5 1985 67.91
decades. 1990 70.23
• We can say that estimation of life 1995 70.20
2000 70.63
expectancy E depends on time t.
2005 72.16
For example, E(2015) = 74.6%.
2010 73.69
2015 74.60
http://data.worldbank.org/country/thailand

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1.4 Function and Graph
• Graph equation:
• Consider the history of Set
index, the vertical axis
represents the index point
i is the function of the time
t in horizontal axis.
• For a given value of t
associates with a value of i.

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1.4 Function and Graph
• Word example:
• The cost of salad buffet M depends of its weight w. Although, the
type of vegetables costs the different price. However, the total cost
of salad M can be obtained when w is known.

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1.4 Function and Graph
• The elements of one set may be associated with the elements of
another set through a relationship.
• A particular type of relationship, called a function, is a rule
that associates each element of one set with a single element of
another set.
• A function f is a rule which assign to each value of a variable
(x), called the argument of the function.
• The domain of a function refers to the set of all possible values
of x.
• The range is the set of all possible value for f(x).
• Functions are generally defined by algebraic formulas.
• Letters such as g, h or the Greek letter such as α, β are
generally used to express functions.

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1.4 Function and Graph
• domain and range of function

0
domain

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1.4 Function and Graph
• Functions encountered frequently in economics:
• Linear function:

• Quadratic function:

• Polynomial function of degree n: where n is

nonnegative integer and

• Rational function: where g(x) and h(x) are polynomials and

h(x)≠0

• Power function: where n is any real number

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1.4 Function and Graph
Linear function
Consider consumption function
• An important characteristic of linear
equation is it changes in constant rate.
• We can calculate any value of y when x is x f(x)
given. 2.0 7.0
• Suppose x increases by every 0.2, f(x) 2.2 8.0
increases by 1.0 which means that f(x) is 2.4 9.0
increasing 5 times faster than x. We call 5
2.6 10.0
as a slope of function.
2.8 11.0
3.0 12.0

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1.4 Function and Graph
Linear function

Slope and y-intercept:

Sol:

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1.4 Function and Graph
Non-Linear function
• General form of Polynomial Degree n

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1.4 Function and Graph
• Quadratic function (degree 2)

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1.4 Function and Graph
Quadratic function
• Root of equation Considering this function
• Factorization

• Factorization?
• Quadratic?
x = 5 or 3
• Quadratic formula
• x = 1.4462, -12.4462

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1.4 Function and Graph
Quadratic function

time(s) height(m)
0 450
1 445
2 431
3 408
4 375
5 332
6 279
7 216
8 143
9 61

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1.4 Function and Graph
Power function

• Case a = n = 1,2,3, ...

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