Chapter 1 functions and business stats

A function is equation in which each input value has a single output value. Ex, F(x) =x2+3 is an
function in which each input value for x gets ___ and then we add 3.

Note: we could als

The domain of a function is the set of all input values. The range is the set of output values.
Since we can plug in any number into f(x)=x2+3. The domain is (-oo,00)

Or we can use inequality notation =-00< X<00

**Ex: Find the domain of f(x) =x-1

x-2

f(x) = square root x+5

=x+5 >_ 0
x>- 5 = -5,(00)

in this class we will use functions that describe business and economics models. Instead of x we
will often use we will often use the letter q to respond a quantity.

List of functions and formulas

- Supply functions= this function relates quantity Q of some commodity for the selling
price p. p(q)= or p= or p of q equals. Supply functions have graphs that increase.

- Demand functions= this function relates quantity demanded Q by the consumer to the
price P.the graph increases because at higher prices there’s lower demand

- Revenue function R= price x quantity. Price demanded. R=pxq

- Cost function= c= fixed + variable x q

- Profit function= P = revenue – cost. P=R-C

Ex find the domain of the demand function, p=50-5q

50-5q>- 0
50>-5q
10>-q
q=10
(0,10)
0<- q<-10 how to find the domain of cuntions