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1. Exponential Notation:

factor n times.

√ n is called the exponent or power

√ b is called the base

√ b n is called an exponential expression.

Example: 54 = 5 • 5 • 5 • 5

1. Perform operations within the innermost parentheses and work outward. If the algebraic

expression involves a fraction, treat the numerator and the denominator as if they were each

enclosed in parentheses.

2. Evaluate all exponential expressions.

3. Perform multiplications and divisions as they occur, working from left to right.

4. Perform additions and subtractions as they occur, working from left to right.

23 = 2 • 2 • 2 = 8

= 6 + 40 Multiply: 5(8) = 40

= 46 Add

The process of finding formulas to describe real-world phenomenon is called mathematical modeling.

Such formulas, together with the meaning assigned to the variables, are called mathematical models.

A set is a collection of objects whose contents can be clearly determined. The objects in a set are called

the elements of a set.

of representing a set is called the roster method.

Lecture Notes 1

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

The above set can also be represented in the set-builder notation as follows:

A = {x| x is a counting number}.

The intersection of sets A and B, written as A I B , is the set of elements that are common to both set A

and set B. That is, in the set-builder notation, it is written as:

As an example, the intersection of set A = {7, 8, 9, 10, 11} and set B = {6, 8, 10, 12} is the new

set C = {8, 10}.

The union of sets A and B, written as A U B , is the set of elements that are members of set A or of set B

or of both sets. That is, in the set-builder notation, it is written as:

A U B ={x | x is an element of set A or x is an element of set B}

As an example, the union of A = {7, 8, 9, 10, 11} and B = {6, 8, 10, 12} is the new set C = {6, 7, 8, 9, 10,

11, 12}.

If a set has no elements, it is called an empty set or a null set and is represented by the symbol, ∅.

As an example, the intersection of A = {2, 4, 6} and B = {3, 5, 7} is an empty set since there are no

elements common to both set A and set B.

a

Set of rational numbers: { | a and b are integers, and b ≠ 0}

b

√ The set of rational numbers is the set of all

numbers that can be expressed as a quotient of

two integers, with the denominator not 0.

or repeating decimals.

Lecture Notes 2

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

− 15 2 2

Examples: -15 = ; = 0 .4 ; = 0.6666....

1 5 3

√ The set of irrational numbers is the set of all

numbers whose decimal representations are

neither terminating nor repeating.

quotient of integers.

π 3.142

Examples: 2 = 1.414214 ; = = 1.571

2 2

Set of REAL NUMBERS: The set of real numbers is the set of numbers that are either

rational or irrational.

R = {x | x is rational or x is irrational}

Real Number Line:

The real number line is a horizontal line graph used to represent the set of real numbers

The absolute value of a real number a, denoted by |a|, is the distance from 0 to a on the real number line.

As examples, |-5| = 5 and |3| = 3.

⎧x if x ≥ 0⎫

| x |= ⎨ ⎬

⎩− x if x < 0⎭

11. Distance Between the Two Points on the Real Number Line

If a and b are any two points on a real number line, then the distance between a and b is given by

|a – b| or |b – a|

x−a ≤ d ⇒ −a ≤ x ≤ a

x − a ≥ d ⇒ x − a ≤ − d or x − a ≥ d

x≤a−d or x ≥ a + d

Lecture Notes 3

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

bm

Quotient Rule: n

= b m−n , b ≠ 0

b

b0 = 1

number, then

1 1

b −n = ; −n

= bn

bn b

Power Rule:

Powers to Powers: (b )m n

= b mn

n −n

⎛a⎞ an ⎛a⎞ bn

Quotients to Powers: ⎜ ⎟ = n ; ⎜ ⎟ =

⎝b⎠ b ⎝b⎠ an

13. Scientific Notation:

a × 10 n

where the absolute value of a is greater than or equal to 1 and less than

(10 (1 ≤ |a| ≤ 10)

= ⎜ ⎟ x⎜ ⎟ = 0.6 x10 4−( −2 ) = (6 x10 −1 ) x10 6 = 6 x10 5 = 600000

3x10 − 2 ⎝ 3 ⎠ ⎜⎝ 10 − 2 ⎟⎠

Lecture Notes 4

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

If a is a nonnegative real number, the nonnegative number b such that b2 = a, denoted by b = a , is the

principal square root of a.

√ The symbol, , is called a radical sign. Any number that is under the radical sign is

called the radicand. Together we refer to the radical sign and the radicand as a radical

expression.

15. Simplifying a 2

2

In words, the principal square root of a is the absolute value of a.

Examples:

6 2 =| 6 |= 6 (−6) 2 =| −6 |= 6

If a and b represent nonnegative real numbers, then

ab = a b and a b = ab

a a a a

= and =

b b b b

Lecture Notes 5

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Note that in your final answer, the denominator cannot contain radical expressions. Further simplification

of the radical expression is done using the process called rationalizing the denominator. Here are two

examples.

15 15 6

= •

6 6 6

Example 1:

15 6 15 6 5 6

= = =

36 6 2

12 12 12 6

= = =

8 4 2 2 2 2

Example 2:

6 2 6 2 6 2

= • = = =3 2

2 2 4 2

19 Definition of Conjugates:

Radical expressions that involve the sum and difference of the same two terms are called conjugates. As

( ) (

an example, a + b and a − b are conjugates. )

( a+ b )( a − b = a−b )

6

Example: Rationalize the denominator:

5+ 3

6 6 5− 3

= •

5+ 3 ( 5+ 3 ) 5− 3

=

(

6 5− 3 6 5− 3

= =3 5− 3

) ( ) ( )

5−3 2

n

a = b means that b n = a

√ If n is even, then a ≥ 0 and b ≥ 0.

Examples: 3

125 = 5 5

− 32 = −2

Lecture Notes 6

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

√ If n is odd,

n

an = a

√ If n is even,

n

an = a

3

(− 2)3 = −2

Examples:

4

(− 2)4 = −2 =2

√

n

ab = n a n

b

a na

√

n = ,b ≠ 0

b nb

√ a = n a ,n≥2

n

1

− 1 1

√

a n

= 1

= n ,a≠0

n

a

a

( a) (a)

m m

m

√ a n

= n

or a =

n n m

,n≥2

a n x n + a n −1 x n −1 + a n − 2 x n − 2 + .......... . + a1 x + a 0 ,

where a n , a n −1 ,........, a1 , a 0 are real numbers, a n ≠ 0, and n is a non-negative integer.

Lecture Notes 7

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

variables in the numerator with whole number exponents.

Trinomial is a polynomial with three terms (as an example: 6x5 -3x3 +8)

(ax + b )(cx + d ) = ax • cx + ax • d + b • cx + b • d

F O I L

Product Product Product Product

of of of of

First Outside Inside Last

terms terms terms terms

25. Other Formulas

(A 3

) (

+ B 3 = ( A + B ) A 2 − AB + B 2 ) The Sum of Two Cubes

(A 3

) (

− B 3 = ( A − B ) A 2 + AB + B 2 ) The Difference of Two Cubes

Lecture Notes 8

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

The distance d between the points (x1 , y1 ) and ( x 2 , y 2 ) is given by d = ( x 2 − x1 ) + ( y 2 − y1 )

2 2

and the coordinates of the midpoint of the line joining these two points is given by

⎛ x1 + x 2 y1 + y 2 ⎞

⎜ , ⎟

⎝ 2 2 ⎠

To find x-intercepts, let y be zero and solve for x.

The point ( x, y ) lies on the circle of radius r and center (h, k ) if and only if

( x − h )2 + ( y − k )2 = r2

Set the demand and supply equations to be equal and solve for, for example, the variable x.

General form: Ax + By + C = 0

Vertical Line: x=a

Horizontal Line: y=b

Slope-Intercept form: y = mx + b

Point-Slope form: y – y1 = m(x – x1)

Two lines are parallel if and only if they have the same slope

Two lines are perpendicular if and only of the product of their slopes is equal to -1.

− b ± b 2 − 4ac

x=

2a

Lecture Notes 9

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 1.5

LIMITS

1. Notations

x c-

x c+

x c

2. Definition of a limit:

If f(x) becomes arbitrarily close to a single number L as x approaches c from either side, then

Lim f(x) = L

x c

which is read as “the Limit of f(x) as x approaches c is L”

i.e. for the Lim f(x) to exist, Lim f(x) = Lim f(x) = L

x c x c- x c+

nonexistence of the Limit of f(x) as x approaches c.

Replace x by c in f(x).

9 Suppose f(x) has a finite value.Then it is the value of theLimit of f(x) as x approaches c

¾ simplify f(x) by taking the common factor

¾ cancel the terms that are common for both the denominator and the numerator.

¾ now, replace x by c. If f(x) has a finite value, then it is the value of theLimit of

f(x) as x approaches c, otherwise f(x) has no limit.

<< See Exercises 3, 11(a), 25, 37, and 41 from Section 1.5 >>

Lecture Notes 10

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 1.6

CONTINUITY

1. Definition of Continuity

Let c be a number in the open interval (a, b), and let f(x) be a function whose domain contains the

open interval (a, b). The function f(x) is continuous at the point x = c if the following conditions

are true:

9 f(c) is defined

x c

and

9 Lim f(x) = f(c)

x c

Note:

¾ If f(x) is continuous at every point in the interval (a, b), then it is continuous on the

interval (a,b).

¾ A polynomial function is continuous at every real number (See Example 1 on page 62).

¾ A rational function is continuous at every number in its domain (See Example 2 on

page 63)

If a function f(x) is continuous at every point in an open interval (a, b) except at c, then c is a

discontinuity of the function. Discontinuity falls into 2 categories: removable and non-removable.

X 2 − 16

Example 1: Let f(x) = be a function.

X −4

at x = 4.

But we can redefine the function as follows:

( X − 4)( X + 4)

f(x) =

( X − 4)

This can be simplified to f(x) = (x + 4) after canceling (x-4) from both the

denominator and the numerator.

Now, the redefined function f(x) = (x + 4) is continuous for all real numbers. Thus

the discontinuity at x = 4 was removed.

Lecture Notes 11

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

1

Example 2: Let f(x) = be a function.

X −2

at x = 2.

1

This function f(x) = can not be redefined to make it continuous at x = 2.

X −2

Let f(x) be defined on a closed interval [a, b]. The function f(x) is said to be continuous on the

closed interval [a,b] if the following are true:

x a+

x b-

4. Greatest Integer Function (GIF): This is denoted by f(x) = [[x]] and defined as

f(x) = [[-3.1]] = - 4

Lecture Notes 12

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 2.1

f(x+∆x) Q( x+∆x, f(x+∆x) )

graph of y = f(x)

P(x, f(x))

f(x)

O(0,0) X-axis

9 Let P(x, y) and Q( x+∆x, f(x+∆x) ) be two points on the graph of y = f(x). The line through these

points is called a secant line. The slope of this secant line, using the slope formula, is given as:

f ( x + ∆x ) − f ( x )

msec = (1)

∆x

9 As ∆x 0, the secant line becomes the tangent line to the graph of y = f(x) at the point P(x,

f(x)). Therefore, the slope of the tangent line is given as:

f ( x + ∆x ) − f ( x )

m = Lim (2)

∆x

∆x 0

9 The tangent line approximates the graph at a point. Therefore, the slope of a graph at a point is

same as the slope of the tangent line at that point on the graph.

f ( x + ∆x ) − f ( x )

f ′(x) = Lim

∆x

∆x 0

The process of finding derivatives is called differentiation.

Lecture Notes 13

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Notations used for a derivative

f ′(x) or

dy

or

d

[f(x)] or Dx[y]

dx dx

Please refer to Figure 2.11 on Page 122 for functions that are not differentiable at x = 0.

To find the derivative of a function using the limit definition , we need to use

f ( x + ∆x ) − f ( x )

f ′(x) = Lim

∆x

∆x 0

Therefore, f(x+∆x) = (x+∆x)2 = x2 + 2x(∆x) + (∆x)2

Then,

f ( x + ∆x ) − f ( x )

f ′(x) = Lim

∆x

∆x 0

∆x 0

f ′(x) = Lim = Lim

∆x (∆x)

∆x 0 ∆x 0

∆x 0

′

Then, f (x) = 2x

Lecture Notes 14

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

′

Slope of a tangent at (1, 1) ≡ Value of f (x) = 2x at x = 1

≡ 2(1) = 2

f(x) = x2

Recall that the equation of a line passing through a point (x1, y1) and having slope m is

given by:

y – y1 = m (x – x1) (3)

slope of the tangent at (1, 1) = m = 2

tangent line passes through (1, 1). i.e. (x1, y1) = (1, 1)

y – 1 = 2 (x – 1)

the graph of f(x) = x2

Lecture Notes 15

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

d

9 [c] = 0 where c is a constant The Constant Rule

dx

d n

9 [x ] = nxn-1 where n is any real number The (Simple) Power Rule

dx

d d

9 [cf(x)] = c [f(x)] = c. f ′(x) The Constant Multiple Rule

dx dx

d d d

9 [ f(x) + g(x) ] = [f(x)] + [g(x)] The Sum rule

dx dx dx

= f ′(x) + g ′(x)

d d d

9 [ f(x) - g(x) ] = [f(x)] - [g(x)] The Difference Rule

dx dx dx

= f ′(x) - g ′(x)

9 If y = f(x), the Average Rate of Change of y with respect to x on the interval [a, b] is:

f (b) − f (a ) ∆y

Average Rate of Change = =

b−a ∆x

9 The Instantaneous Rate of Change (i.e. Rate of Change) of y = f(x) at x is the limit of the Average

Rate of Change on the interval [x, x+∆x] as ∆x approaches 0 is:

∆y f ( x + ∆x ) − f ( x )

Lim = Lim

∆x ∆x

∆x 0 ∆x 0

dP

= Marginal Profit where x = number of units produced or sold

dx

dR

= Marginal Revenue where x = number of units produced or sold

dx

dC

= Marginal Cost where x = number of units produced or sold.

dx

Lecture Notes 16

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

p = f(x) is the Demand Function where x is the number of units that

consumers are willing to purchase at a price p per unit.

R = xp is the Revenue Function

P = Revenue - Cost

d

9 [f(x) . g(x)] = f(x) . g′(x) + g(x) . f′(x) The Product Rule

dx

d f ( x) g ( x) f ' ( x) − f ( x) g ' ( x)

9 [ ]= The Quotient Rule

dx g ( x ) [ g ( x)]2

d

9 [ f (g(x)) ] = f ′(g(x)) . g′(x) The Chain Rule

dx

9 If y = [u(x)]n, then,

dy

= nun-1 . u′ The General Power Rule

dx

Lecture Notes 17

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Notations for Higher-Order Derivatives

dy d

1st derivative: y′ or or [f(x)] or Dx[y] or f ′(x)

dx dx

d2y d2

2nd derivative: y′′ or or [f(x)] or D2x[y] or f ′′(x)

dx 2 dx 2

d3y d3

3 derivative: y′′′

rd

or or [f(x)] or D3x[y] or f ′′′(x)

dx 3 dx 3

d4y d4

4th derivative: y(4) or or [f(x)] or D4x[y] or f (4)(x)

dx 4 dx 4

ds

Velocity Function is given by = f ′(t )

dt

d 2s

Acceleration Function is given by 2 = f ′′(t )

dt

dy

Let y = f ( x) be a function. Also, = f ′( x) is the derivative of y with respect to x

dx

In implicit differentiation, anytime the derivative of the dependent variable y is taken, multiply the result

dy

by y ′ (i.e. )

dx

dy

Example: Given: x 2 y 2 − 4 y = 1 , find

dx

dy

Solution: Since we need to find , y is the dependent variable and x is the independent

dx

variable.

following:

Lecture Notes 18

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

(y ) d (dxx )

2

d(y2 ) d ( y) d (1)

2

+ (x 2 ) - 4 =

dx dx dx

(y ){2 x}

2

+ (x ){2 y • dy

2

dx

dy

} - 4 {1 • } = 0

dx

(x ){2 y • dy

2

dx

dy

} - 4 {1 • } = - 2 xy

dx

2

[2 yx 2

−4 ] dy

dx

= - 2 xy 2

dy 2 xy 2 2 xy 2

=− =

dx 2 yx 2 − 4 2(2 − yx 2 )

dy xy 2

=

dx 2 − x 2 y

Section 2.8

Formulas that will be used in section 2.8:

Area of a Circle: A = π r2

4

Volume of a Sphere: V = π r3

3

Volume of a Cube: V = s3

1

Volume of a Cone: V = π r 2h

3

1

Area of a Right Triangle: A= bh

2

Lecture Notes 19

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 3.1:

Increasing and Decreasing Functions

A function f(x) is:

9 increasing if its graph moves up as x moves to the right

9 decreasing if its graph moves down as x moves to the right

9 increasing on an interval if for any x1 & x2 in the interval, x2 > x1 implies f(x2) > f(x1)

9 decreasing on an interval if for any x1 & x2 in the interval, x2 > x1 implies f(x2) < f(x1)

9 if f ′ (x) < 0 for all x in (a, b), then f is decreasing on (a, b)

9 if f ′ (x) = 0 for all x in (a, b), then f is constant on (a, b)

Critical Numbers:

if f ′ (x) = 0

or

if f ′ (x) is undefined.

<< Refer to problems from Section 3.1: 13, 15, 17, 27, 31, and 35a >>

Lecture Notes 20

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 3.2:

A. First Derivative Test for Relative Extrema

Let f be continuous on the interval (a, b) in which c is the only critical number. Let f be differentiable on

the interval (a, b), except possibly at c. Then, in the interval (a, b),

9 if f ′ (x) < 0 to the left of x = c and f ′ (x) > 0 to the right of x = c, f(c) is a relative minimum

9 if f ′ (x) > 0 to the left of x = c and f ′ (x) < 0 to the right of x = c, f(c) is a relative maximum

B. Absolute Extrema

Let f be defined on an interval I containing c. Then,

If f(x) is continuous on [a, b], then f takes on both a minimum value and a maximum value on [a, b].

Section 3.3

A. Concavity

Let f be differentiable on an open interval I. The graph of f(x) is

B. Point of Inflection

If the graph of a continuous function possess a tangent line at a point where its concavity changes from

upward to downward (or vice versa), then the point is a point of inflection.

Solve the equation f ′′(x) = 0 to get the values of the independent variable at which there is a point of

inflection.

If (c, f(c)) is a point of inflection, then either f ′′(c) = 0 or f ′′(c) does not exist.

Lecture Notes 21

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

9 if f ′′(c) = 0, then the test fails. Use the First Derivative Test to determine whether f(c) is a relative

minimum or relative maximum.

(Refer to Page 231 of the textbook)

Consider Exercise 61 from section 3.3

700.00

600.00

Revenue (dollars)

500.00

400.00

300.00

200.00

100.00

0.00

0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 400

One can show that the point of inflection is at (200, 320). That is, the graph of R(x) is concave up for

0 < x < 200 and then it is concave down for 200 < x < 400.

The graph has a point of diminishing returns when x = $200. This point is (200, 320)

On the interval (0, 200), each additional dollar spent returns more than the previous dollar spent,

By contrast, on the interval (200, 400), each additional dollar spent returns less than the previous

dollar spent.

Lecture Notes 22

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 3.5

C

9 Average Cost Function = C = where C = f(x) is the Total Cost Function

x

If p = f(x) is a differentiable function, then the price elasticity of demand is given by:

⎛p ⎞

Rate of Change in Demand ⎜⎝ x ⎟⎠

Price Elasticity of Demand = = =η

Rate of Change in Price ⎛⎜ dp ⎞⎟

⎝ dx ⎠

(a) If ⏐η⏐ > 1, then the demand is elastic. If the demand is elastic, then a decrease in price is

accompanied by an increase in unit sales sufficient to increase the total revenue.

(b) If ⏐η⏐ < 1, then the demand is inelastic. If the demand is inelastic, then a

decrease in price is not accompanied by an increase in unit sales sufficient to increase the total

revenue.

Lecture Notes 23

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 3.6

VERTICAL ASYMPTOTES

Definition of a vertical asymptote: Let y = f(x) be a function. If f(x) approaches infinity (or

negative infinity) as x approaches c from the right or from the left, then the line x = c is a vertical

asymptote of the graph of f(x).

Another way of saying this is: Suppose f(x) is a function. If the denominator of f(x) is zero for any

value of x = c, then the equation to the vertical asymptote of the graph of f(x) is x = c.

A few examples:

x−3

f ( x) = . The denominator of f(x) becomes zero for x = 0. Therefore, x = 0 is a

x2

vertical asymptote of the graph of f(x).

3

f ( x) = . The denominator of f(x) becomes zero for x = 1 and x = -1. Therefore, x =

x −1

2

3

f ( x) = . The denominator of f(x) is never zero for any value of x. Therefore, there is

x +1

2

HORIZONTAL ASYMPTOTES

Definition of a horizontal asymptote: Let y = f(x) be a function. If f(x) approaches a real number

L as x approaches infinity (or negative infinity),

then y = L is a horizontal asymptote of the graph of f(x).

p ( x)

Let f ( x) = be a rational function. Then.

q ( x)

9 y = 0 is a horizontal asymptote of the graph of f(x) if the degree of p(x) is less than the degree of

q(x).

a

9 y= (a and b are the leading coefficient of p(x) and q(x) respectively) is a horizontal asymptote

b

of the graph of f(x) if the degree of p(x) is equal to the degree of q(x).

9 f(x) has no horizontal asymptote if the degree of p(x) is greater than the degree of q(x).

Lecture Notes 24

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

A few examples:

x−3

f ( x) = 2

x

Here p(x) = x – 3, and q(x) = x2. The degree of p(x) is less than the degree of q(x).

Therefore, y = 0 is a horizontal asymptote of the graph of f(x).

x2 − 3

f ( x) =

2x 2

Here p(x) = x2 – 3, and q(x) = 2x2. The degree of p(x) is equal to the degree of q(x).

1

Also, note that a = 1 and b = 2. Therefore, y = is a horizontal asymptote of the

2

graph of f(x).

x2 − 3

f ( x) =

2x

Here p(x) = x2 – 3, and q(x) = 2x. The degree of p(x) is greater than the degree of

q(x). Therefore, there is no horizontal asymptote of the graph of f(x).

Following is the summary of Curve-Sketching Techniques

9 Domain and Range (section 1.4)

9 Continuity (section 1.6)

9 Differentiability (section 2.1)

9 Critical numbers (section 3.1)

9 Increasing/decreasing function (section 3.1)

9 Relative extrema (section 3.2)

9 Concavity (section 3.3)

9 Points of inflection (section 3.3)

9 Vertical and horizontal asymptotes (section 3.6)

We are going to use all of the above to draw the graph of a function. If necessary, we may have to plot a

few points to complete the graph.

Section 3.8

9 The differential of x (denoted by dx ) is any non-zero real number where as the differential of y,

denoted by dy is give as:

dy = f ′(x )dx

9 Change in f(x) that corresponds to a change in x is given by ∆y = f ( x + ∆x ) − f ( x )

9 Note that dy ≈ ∆y

Lecture Notes 25

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

1. Exponential Function

x

If a > 0, a ≠ 1, an exponential function with base a is given by f(x) = a .

9 Range of f(x) = ax is all real numbers > 0

9 Graph of f(x) = ax is a decreasing curve.

9 y-intercept point is (0, 1).

9 As x approaches + ∞ , ax approaches 0, and hence, y = 0 is the equation to the horizontal

asymptote.

9 As x approaches - ∞ , ax approaches ∞ .

9 Range of f(x) = ax is all real numbers > 0

9 Graph of f(x) = ax is an increasing curve.

9 y-intercept point is (0, 1).

9 As x approaches - ∞ , ax approaches 0, and hence, y = 0 is the equation to the horizontal

asymptote.

9 As x approaches ∞ , ax approaches ∞ .

and

y = (1/3)x(base between 0 and 1, green)

90.000

80.000

70.000

60.000

50.000

40.000

y

30.000

20.000

10.000

0.000

-5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0

-10.000

x

Lecture Notes 26

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Examples: f(x) = ex is an exponential function that belongs to CASE 2 since the base e > 1. All the

properties described in CASE 2 apply to f(x) = ex.

x

⎛1⎞ 1

f(x) = e = ⎜ ⎟ is an exponential function that belongs to CASE 1 since the base is

-x

⎝e⎠ e

between 0 and 1. All the properties described in CASE 1 apply to f(x) = e-x.

x

ax ⎛ a ⎞

0

9 a =1 =⎜ ⎟ axay = ax+y

bx ⎝ b ⎠

ax 1

9 a x− y

= y (ab)x = axby a −x =

a ax

9 (ax)y = axy

3. Limit definition of e is

(1 + x )

1

lim x =e

0 x

4. Mathematical models involving exponential functions

nt

⎛ r⎞

(a) A = p ⎜1 + ⎟ where n is the number of times per year interest

⎝ n⎠

is computed; r is rate of interest; p is the principle; t is the time; A is

the final amount after t years.

(b) A = pe rt where r is the rate of interest compounded

continuously; p, A and t are principle, amount after t years and time

t, respectively. In this model the growth is not restricted.

a

(c) f (t ) = is Logistic Growth function. Growth is restricted.

1 + be − kt

n

⎛ r⎞

(d) reff = ⎜1 + ⎟ − 1 The formula gives the Effective Rate corresponding to nominal rate

⎝ n⎠

of r that is compounded n times per year.

A

(e) p= nt

Present Value of a future investment

⎛ r⎞

⎜1 + ⎟

⎝ n⎠

Lecture Notes 27

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Some exercise problems from sections 4.1 and 4.2:

nt

⎛ r⎞

Use the formula, A = p⎜1 + ⎟

⎝ n⎠

1(10 )

⎛ 0.03 ⎞

(a) Given: n = 1. Then, A = 1000⎜1 + ⎟ = $1343.92

⎝ 1 ⎠

4 (10 )

⎛ 0.03 ⎞

© Given: n = 4. Then, A = 1000⎜1 + ⎟ = $1348.35

⎝ 4 ⎠

−t

2 P(t ) = 1 − e 3

is the probability that the next call will come within t minutes.

1 ⎛1⎞ −0.5

2 ⎝ 2⎠

925

3. (a) Use the graphing utility to graph y=

1 + e − 0 .3 t

(b) As t increases, e-0.3t approaches 0 and hence, y approaches 925.

0.83

4 (a) This involves substituting 10 for n, that is, P= = 0.7311

1 + e −0.2 (10 )

0.83

(b) This involves substituting 0.75 for P, that is, 0.75 = and solving

1 + e − 0. 2 n

for n.

0.75(1+e-0.2n) = 0.83

0.83

e-0.2n = - 1 = 0.1067

0.75

i.e. ln(e-0.2n ) = 0.1067. This gives n = 11.18 ≈ 11

Lecture Notes 28

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 4.3

This section has the formulas for the derivatives of the exponential functions.

d (e x ) ⎛ dx ⎞

(a) = ex ⎜ ⎟

dx ⎝ dx ⎠

d (a x )

(b) = (log a)a x

dx

1 xe x + 2 ye x = 0

d ( x) d (e x ) x d ( y ) ⎛ dy ⎞ de x

e x

+x + 2e ⎜ ⎟ + 2y =0

dx dx dx ⎝ dx ⎠ dx

e x (1) + xe x + 2e x (1) y ′ + 2 ye x = 0

[e x + xe x + 2 ye x ]

y′ = −

2e x

Lecture Notes 29

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 4.4

1. Logarithmic Functions

If a = 10, it is called “common logarithm”)

y = ln e x ⇔ e y = x (“ln” refers to logarithms with respect to base e,

also called “Natural Logarithm”)

Properties

9 Range of f(x) = log a x is all real numbers

9 Vertical asymptote is x = 0.

9 Graph of f(x) = log a x is an increasing curve.

9 x-intercept point is (1, 0).

9 As x approaches 0 from the right, log a x approaches - ∞

9 As x approaches ∞ , log a x approaches + ∞

2

0

0 1 2 3 4 5

-1

y

-2

-3

-4

-5

x

Lecture Notes 30

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

2. Laws of Natural Logarithms (or logarithm with respect to any other base a)

⎛ x⎞ ⎛x⎞

© ln⎜⎜ ⎟⎟ = ln x − ln y © log a ⎜⎜ ⎟⎟ = log a x − log a y

⎝ y⎠ ⎝ y⎠

a

Section 4.5

This section has the formulas for the derivative of the logarithmic functions.

d (ln x) 1 ⎛ dx ⎞

(a) = ⎜ ⎟

dx x ⎝ dx ⎠

d (log a x) ⎛ 1 ⎞ 1 ⎛ dx ⎞

(b) =⎜ ⎟ ⎜ ⎟

dx ⎝ ln a ⎠ x ⎝ dx ⎠

Section 4.6

Exponential Growth and Decay

proportionality; t is the time; y is the amount after t years.

Lecture Notes 31

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 5.1

1. Definition: A function F is an antiderivative of a function f

if, for every x in the domain of f,

it follows that F ′( x ) = f ( x )

the other by a constant.

2. ∫ f ( x)dx is an “indefinite” integral.

b

a

antiderivative of f(x), that is, F ′( x ) = f ( x ) for all x in the domain

of f(x).

4.

d

(∫ f ( x)dx ) = f ( x)

dx

⎛ ⎞ df

∫ ⎜ dx ⎟dx = f ( x) + C

⎝ ⎠

∫ kdx = k ∫ dx = kx + C

∫ kf ( x) dx = k ∫ f ( x)dx

Lecture Notes 32

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

x n+1

∫ x dx = n + 1 + C where n ≠ -1

n

1.

∫ e dx = e

x x

2. +C

1

3. ∫ x dx = ln | x | +C

du

dx

4. ∫ u dx = ln | u | +C

Section 5.4

b

a

y = f ( x)

x=a

x=b

x − axis, that is, y = 0

b

a

for all x in [a, b]

3. Properties

b

9 ∫ f ( x)dx = 0

a

b a

9 ∫ f ( x )dx = − ∫ f ( x)dx

a b

⎛ 1 ⎞b

9 Average value of f on [a, b] = ⎜ ⎟ ∫ f ( x)dx

⎝ b − a ⎠a

Lecture Notes 33

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

a a

−a 0

a

−a

Section 5.5

1. Area of a region bounded by two graphs

Then, A = ∫ [ f ( x) - g ( x)]dx gives the area bounded by f(x) and g(x), x = a, and x = b.

2. Demand function relates the price of a product to the consumer demand. A typical demand

function is decreasing.

3. Supply function relates the price of a product to producer’s willingness to supply the product. A

typical supply function is increasing.

3. Point of Equilibrium: is the point where the supply and demand curves intersect.

x=a

consumersurplus = ∫ (demand − price)dx

x =0

5. Producer Surplus is given by

x =a

producersurplus = ∫ ( price − sup ply )dx

x =0

Lecture Notes 34

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Section 6.1

1. Integration by Parts

∫ u.dv = uv − ∫ v.du

Exercise 5:

∫ dx

3x

Use integration by parts to find the indefinite integral: xe

du

In this example: Let u = x . Then, = 1 ⇒ du = dx

dx

dv = e 3 x dx

integrating on both sides, we get

e 3x

v=

3

∫ u.dv = uv − ∫ v.du

( )

e3 x e3 x

∫ x e dx =x ∗ 3 − ∫ 3 dx

3x

1 3x

= xe 3 x −

3 ∫ e dx

1 ⎛ e3x ⎞

= xe − ⎜⎜

3x

⎟⎟ + C

3⎝ 3 ⎠

Lecture Notes 35

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Exercise 41:

4 4

x −x

0

x

2

dx = ∫ xe

0

2

dx

−x

Let : u = x. This ⇒ du = dx Let : dv = e 2

dx

−x

Integrating both sides, we get: v = −2e 2

4 x=4 4

−x −x −x

2

⎠ ⎢⎣ ⎝ ⎠⎥⎦ x =0 0 ⎝ ⎠

[ ( ) − 0] + 2 ∫ e

4

−x

−2

= 4 • − 2e 2

dx

0

x=4

= −8e − 2 + 2⎡− 2e ⎤

−x

2

⎢⎣ ⎥⎦ x =0

x=4

− 4 ⎡e 2 ⎤

−x

−2

= −8e

⎢⎣ ⎥⎦ x =0

[

= −8e − 2 − 4 e − 2 − e 0 ]

= −8e − 2 − 4e − 2 + 4

= −12e − 2 + 4 ≈ 2.376

Lecture Notes 36

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Exercise 47

Find the area of the region bounded by the graphs of the following equations:

y = x 3 e x , y = 0, x = 0, x = 2

x=2

Area = ∫ x e dx

3 x

Apply “integration by parts”:

x =0

u = x 3 ⇒ du = 3 x 2 dx dv = e x dx

Integrating, we get : v = e x

(

Area = x 3 e x )

x=2

x =0 − 3∫ x 2 e x dx Apply “integration by parts” again:

u = x 2 ⇒ du = 2 xdx dv = e x dx

Integrating, we get : v = e x

Area = (x 3 e x )x =0 − 3∫ x 2 e x dx

x=2

⎡ ⎤

= 8e 2 − 3⎢(x 2 e x )0 − 2 ∫ xe x dx ⎥

2

2

⎣ 0 ⎦

= 8e 2 − 3(4e 2 ) + 6∫ xe x dx

2

Apply “integration by parts” again :

0

u = x ⇒ du = dx dv = e x dx

⎡ ⎤

= −4e 2 + 6⎢(xe x )0 − ∫ e x dx ⎥

2

Integrating, we get : v = e x

2

⎣ 0 ⎦

= −4e 2 + 6(2e 2 ) − 6(e x )0

2

= 8e 2 − 6(e 2 − e 0 )

= 2e 2 + 6

= 20.778

Lecture Notes 37

Business Calculus: MAC 2233 Spring 2011

Instructor: Dr. Lakshminarayan Rajaram

Exercise 55:

∫ ln(x )dx

−2

Find the indefinite integral: x

Apply “integration by parts”

1 1

u = ln x ⇒ du = dx dv = dx

x x2

1

Integrating, we get : v = −

x

⎛ 1 ⎞ ⎛ 1 ⎞⎛ 1 ⎞

∫ x −2

ln ( x )dx = (ln x )⎜ − ⎟ − ∫ ⎜ − ⎟⎜ dx ⎟

⎝ x ⎠ ⎝ x ⎠⎝ x ⎠

⎛ ln x ⎞

⎟ + ∫ x dx

−2

= ⎜−

⎝ x ⎠

ln x x −2+1

=− + +c

x − 2 +1

ln x 1 =

=− − +c

x x

= − (1 + ln x ) + c

1

x

Lecture Notes 38

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