BUSINESS MATHEMATICS

Lecture Notes

WEEK-1

Function: A function is a mathematical rule that assigns to each input value one and only one output
value.

Domain: The domain of a function is the set consisting of all possible input values.

Range: The range of a function is the set of all possible output values.

Main parts of Function:

 Input
 Relationship
 Output

Input/ Output/
Function
Domain Output
The assigning of output value to the corresponding input value is also known as mapping. The notation

f : x ⟶ y represent the mapping of the set of input values x into the set of output values y, using the
mapping rule f .

The equation y=f ( x ) indicates a functional relationship between the variables x and y and can be read as
“y equals f of x” or “y is a function of x”. When y is a function of x then x is the input variable and y is the
output variable. Other terms that is used for variable x is independent variable and for y dependent
variable.

Consider the equation y=x 2−2 x +1 , if selected values of x are inputs, then the equation produce
corresponding values of y as output.

Input corresponding output

If x = 1 y = (1)2−2(1)+1 = 0

If x = 2 y = (2)2−2(2)+ 1 = 1

If x = 3 y = (3)2−2(3)+1 = 4

2nd Definition: FUNCTION:

Let X and Y be two non-empty sets, then the function f is a rule which assigns each elements of X to a
unique element of Y and is denoted by f : X ⟶ Y and can be read as f is function from X onto Y.

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Example: Imagine that you have taken job as a sale person. Your employer has stated that your salary
will depend upon the number of units sell each week. If we let

y= weekly salary

x = Number of units sold each week

The dependency stated by your employer can be represented by equation y=f ( x ) where f is the salary
function.

EXAMPLE: For y=f ( x )=2 x 2−5 x , determine (i) f (−5 ), (ii) f ( u−v )

Solution: Given that y=f ( x )=2 x 2−5 x

(i) f (−5 )=2(−5)2−5(−5)

=2(25) + 25
=50 + 25
= 75
(ii) f ( u−v ) =2(u−v )2−5(u−v )
=2(u ¿ ¿ 2−v 2−2 uv)−5 u+5 v ¿
= 2 u2−2 v 2−4 uv−5 u+5 v

MULTIVARIATE FUNCTION: Functions which contain more than one independent variable are
called multivariate functions.

In most real-world problem applications, multivariate functions are the most appropriate to use. Bivariate
is a class of multivariate function that has two independent variables. The notation z=f ( x , y ) suggests
that the dependent variable z depend s upon the values of the two independent variable x and y.

EXAMPLE: Given z=f ( x , y )=x 3−x 2 y +5 y ,determine f ( 5 ,−2 )

Solution: Given z=f ( x , y )=x 3−x 2 y +5 y

Now Given f ( 5 ,−2 )=53 −52 (−2)+5 (−2)

= 125 + 50 – 10

=175- 10

= 165

DEMAND FUNCTION: A demand function is a mathematical relationship expressing the way in which
the quantity demanded of an item varies with price charged for it.

Qd = f ( p )

Qd = The number of units demanded

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P = prices