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Assignment (MAT-212)

A function is defined as a rule that assigns one output value to each input value from a domain, with examples including cost, revenue, and profit functions. The document also covers the concepts of domain, range, and derivatives, emphasizing their importance in business mathematics for optimization and forecasting. Additionally, it outlines the first differentiation rule and provides examples of differentiating various functions.

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6 views2 pages

Assignment (MAT-212)

A function is defined as a rule that assigns one output value to each input value from a domain, with examples including cost, revenue, and profit functions. The document also covers the concepts of domain, range, and derivatives, emphasizing their importance in business mathematics for optimization and forecasting. Additionally, it outlines the first differentiation rule and provides examples of differentiating various functions.

Uploaded by

abid
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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1) Function Definition, Examples, and Short Notes

Definition of a Function:
A function ff is a rule that assigns exactly one output value (yy) to each input
value (xx) from a set called the domain. Notation: y=f(x)y=f(x).
Business Mathematics Examples:
1. Cost Function: C(x)=500+3xC(x)=500+3x (Fixed cost + Variable cost per
unit xx).
2. Revenue Function: R(x)=50xR(x)=50x (Revenue from selling xx units at
$50 each).
3. Profit Function: P(x)=R(x)−C(x)P(x)=R(x)−C(x).
Short Notes:
• One-Valued Function: Each input maps to one unique
output (e.g., f(x)=2xf(x)=2x).
• Many-Valued "Function": An expression with multiple outputs for one
input (e.g., y=±xy=±x), but technically not a function unless restricted.
• Explicit Function: yy is directly expressed in terms
of xx (e.g., y=3x+2y=3x+2).
• Implicit Function: Relationship between xx and yy is mixed
(e.g., x2+y2=25x2+y2=25).
• Monotonic Increasing: Always rises as xx increases (e.g., demand with
price elasticity).
• Monotonic Decreasing: Always falls as xx increases (e.g., asset
depreciation).
2) Domain, Range, and Derivative
Domain and Range:
• Domain: All valid input values (xx).
• Range: All possible output values (yy).
Example: f(x)=x−2f(x)=x−2
• Domain: RR (All real numbers).
• Range: RR (Linear function).
Derivative:
The derivative f′(x)f′(x) measures the instantaneous rate of
change of f(x)f(x) with respect to xx.
Importance in Business Mathematics:
• Optimizing profit/revenue/cost (marginal analysis).
• Calculating elasticity of demand.
• Forecasting trends (e.g., growth rates).

3) Differentiation Using the First Rule


The first differentiation rule states that the derivative of a function is the rate at
which it changes concerning x.

Differentiation of the Given Functions:


i) y = x → dy/dx = 1
ii) y = 5 → dy/dx = 0
iii) y = x² → dy/dx = 2x
iv) y = x² + 4x → dy/dx = 2x + 4

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