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The Use of Time in Applications in 2.3: Math 1431: 2.3, 2.4 Lecture Problems For Class Warm-Up From 2.1,2.2

This document provides an overview of lecture material for a math class covering business applications of supply and demand, cost and revenue functions, and the definition of limits. It includes examples of: - Supply and demand functions and how to determine equilibrium points - Calculating quantity demanded and supply at given prices - Evaluating limits algebraically, from graphs, and as x approaches positive/negative infinity - Theorems for limits of rational expressions as x approaches infinity

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64 views14 pages

The Use of Time in Applications in 2.3: Math 1431: 2.3, 2.4 Lecture Problems For Class Warm-Up From 2.1,2.2

This document provides an overview of lecture material for a math class covering business applications of supply and demand, cost and revenue functions, and the definition of limits. It includes examples of: - Supply and demand functions and how to determine equilibrium points - Calculating quantity demanded and supply at given prices - Evaluating limits algebraically, from graphs, and as x approaches positive/negative infinity - Theorems for limits of rational expressions as x approaches infinity

Uploaded by

Joseph
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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Math 1431: 2.3, 2.

4 Lecture problems for class


Warm-up from 2.1,2.2

The Use of Time in Applications in 2.3

vv

2.3 Business Applications:


Supply & Demand..Market Equilibrium
Cost function
Revenue Function
Profit Function
1. Cost = Variable Costs + Fixed Costs
2. Revenue = Number of items sold times the Price of each
3. Profit= Revenue Cost

Three more Important Business functions

Supply functions, p = S(x)


Demand Functions, p = D(x)
Equilibrium Points: S(x) = D(x)

(b) Determine the quantity demanded when the unit price is set at p = $4. (Give
your answer correct to the nearest full unit.)
3000

units

Determine the price at which the supplier will make 1,200 units of the commodity
available in the market. (Give your answer correct to the nearest cent.)
$

17.93

NOTE:

17.928 must be rounded to nearest cent

Figure 1 Note 8c:

16280

2.4 The Limit: Definition


Evaluation of Limits
Algebra and direct substitution
Evaluation from a graph of a function
Evaluation of limits as x approaches +/- infinity
Real World Application

The function f has the limit L as x approaches a, written


limx a f(x) = L
if the value of f(x) can be made as close to the number L as we
please by taking x sufficiently close to (but not equal to) a.
lim
( 5 4x2)
x1

lim
( x + 83)
x-2

lim 85

x-2

Limits from graphs

Lim

x 1

_____________________________________

THEOREM

For all n>0, lim

1/xn = 0

and lim

1/xn = 0
x -

provided that 1/xn is defined.


{In evaluating limits at +/- for a rational expression, divide through by
the highest power of x in the denominator, then apply the theorem noting
that any constant in the numerator works the same way as the 1.}
If the highest power of x is in the numerator, the limit as x + or -
does not exist.
If the highest power of x is in the denominator, the limit as x + or
equals 0.

If the highest power of x in the numerator is the same as the highest power
of x in the denominator, the limit as x + or - is the ratio of the
coefficients of those two terms.
Go back to problem 14 and now work.

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