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ECON1048: Quantitative Economics (Semester 1)

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Topic A - Analysis of Functions and Differentiation with Economic Applications - Part 1 ECON1048: Quantitative Economics (Semester 1) 1. Introduction to Functions 2. Linear Functions ) Slope and I... ntercept ) Solving Linear Equations ) Economic Application: Market Equilibrium 3. Non-Linear Functions ) Power Function ) Quadratic Function ) Solving Quadratic Functions ) Economic Application: Market Equilibrium 4. Exponential and Logarithmic Function ) Economic Application: Income Level 5. Required Reading and Practice Problems ) Consider two sets X and Y . A function is a rule that associates with each element of X one and only one element of Y . y = f (x) ) We refer to y as the value of the function f at x. ) Think of the two sets X and Y as the sets of real numbers. Then the function takes one number x and gives us another number y. ) Examples: y = a + bx, y = x2, y = axαxβ, y = logx, y = aex 1 2 ) We can describe a function verbally: “double and add 3”. ) We can write it mathematically: y = 2x + 3, or f (x) = 2x + 3. ) Demand function: deter [Show More]

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