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Business Maths - Lecture 5

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17 views47 pages

Business Maths - Lecture 5

Uploaded by

thepersonaltap
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Lecture 5

Exponential and Logarithm


functions

1
Learning outcomes
• Understand the relation between the exponential and
logarithm functions.
• Apply the laws of exponential and logarithm functions to
solve equations.
• Sketch the graphs of exponential and logarithm functions.
• Solve problems related to exponential growth,
exponential decay and logistic growth models.

2
Exponential functions
Exponent

f  x  b , x
b  0, b 1
Base

• The domain of f is the set of all real numbers

3
Laws of exponents
No. Rule Example
1 1 1 1 1
1. x
b b by x y
36 36 36
3 6

3 6
36 6 2

7
x 7 3 1
2. b x y 16 4 
y
b 3
16 4 2
16 2 4
b
16 2

6
2
  1 16
2
 1
b 
5
x y 
3. b xy
 32  32
3 35 2
32  32  2 4
5 5

    4
Laws of exponents
No. Rule Example
1 1 1
 
x x x
4. ab a b 16 49  2 16 49 4 7 28
2 2

6
x x
 1
 1
6
3
a a 3   3  3  27
2 2
 
5.    x
b b  1  1
5 2
25
 53  53 6
 

5
Solving exponential equations
• First observe whether both sides of the equation can be
expressed in terms of the same base. If it is possible,
then m n
b b  m n

6
Example 5.1
3 x 1
• Solve the equation 2  2.
1
3 x 1
Converting both sides to exponent form, 2 2 .
2

Equating the exponents,


1
3x  1 
2
1
x
2
7
Graphing exponential functions
• The domain of f is the set of all real numbers. The range
of f is (0, ∞).
• Since b0 = 1, the y-intercept is always 1.
• If b > 1, the graph rises from left to right. If 0 < b < 1, the
graph falls from left to right.

8
Graphing exponential functions

9
The base e
• The constant e is known as the natural exponent. It is
used widely and in many contexts.
• It is an irrational number and is defined by the
expression m
 1
lim  1  
m 
 m

• As m gets larger and larger, the expression above gets


closer and closer to e, which is approximately 2.71828.
10
Example 5.2
• Compute the value of the function f(x) = ex for x = –3, –
2, –1, 0, 1, 2, 3. Hence sketch the graph of f(x) = ex.
x –3 –2 –1 0 1 2 3
f(x) 0.05 0.14 0.37 1 2.72 7.39 20.09

Since e  2.71828 > 1, the


graph is similar to those
discussed earlier.
11
Exercise
• Try Discussion questions Q1 and 2.

12
Logarithm functions

y
y log b x  b x
Base

• We read the logarithm of x to the base b.


• The logarithm logb x is only defined for positive values of
b and x.
13
Example 5.3
• Express the following exponential equations in
logarithm form.
y
3
y log b x  b  x
(a) 10 1000  log10 1000 3
1
1
(b) 64 8  log 64 8 
2
2
1
(c) 15 15  log15 15 1

14
Common and natural logarithms
• Two numbers are widely used as the base for logarithms.
• Logarithms with base 10 are called common logarithms
and logarithms with base e are called natural logarithms.
• We denote log10 x as log x and loge x as ln x.

15
Example 5.4
• Express the following logarithm equations in
exponential form.
y
3
y log b x  b  x
(a) log x 3  log10 x 3  x 10

(b) ln x 5  log e x 5  x e5

x
(c) ln 2  x  log e 2  x  2 e

16
Laws of logarithms
No. Rule Example

1. log b m  log b n log b mn log 2  log 3 log 2 3 log 6

m 14
2. log b m  log b n log b log14  log 2 log log 7
n 2
1
3. n log b m log b m n 2
 2log 3 log 3 log
9

17
Laws of logarithms
No. Rule Example

4. log b 1 0 log1 0, ln1 0

5. log b b 1 log 2 2 1, ln e 1

18
Common errors

m is not equivalent to log b m


log b
n log b n

log b m is not equivalent to log b m 


n n

19
Example 5.5
• Expand and simplify the following expressions.
(a) log 4 16 x log 4 16  log 4 x
2
log 4 4  log 4 x
2 log 4 4  log 4 x
2  log 4 x

20
Example 5.5
• Expand and simplify the following expressions.
3
x 2
(b) log 3 x log 3  x  2   log 3 3
3 x

3
log 3  x  2   x log 3 3
3

log 3  x  2   x
3

21
Example 5.5
• Expand and simplify the following expressions.
1
(c) ln e 2 x x ln e 2 x  ln x
2

1
2 x ln e  ln x
2
1
2 x  ln x
2

22
Solving exponential equations
• First observe whether both sides of the equation can be
expressed in terms of the same base. If it is possible,
then equate the exponents.
• If this is not possible, we “take logarithms” on both sides
of the equation to solve for x.

23
Example 5.6
• Solve the following equations for x.

x 1 1 (b) 3 x 1
20
(a) 3 
27 ln 3x 1 ln 20
x 1 3
3 3
 x  1ln 3 ln 20
x  1  3
ln 20
x  4 x 1  2.727
ln 3
x 1.727
24
Example 5.6
• Solve the following equations for x.
x 1
(c) 2e  14 150
2e x  1 136
e x  1 68
x 1
ln e ln 68
 x  1ln e ln 68
x  1 ln 68 4.2195
x 5.2195 25
Solving logarithm equations
• First reduce it to the form y = logb x.
• Use the definition of a logarithm to transform the
equation to its exponential form.

26
Example 5.7 (a), (b)
• Solve the following equations for x.
(a) log 2 x 6 (b) log x 49 2
6
x 2 x 2 49
64 x 7 or  7 (reject)

27
Example 5.8 (a), (b)
• Solve the following equations for x.
(a) log 2 x  log 2 5 7
log 2 5 x 7
7
5 x 2
128
128
x
5
28
Example 5.8 (a), (b)
• Solve the following equations for x.
(b) 2 ln x  ln 3 2
ln x 2  ln 3 2
x2
ln 2
3
x2
e 2
3
x 2 3e 2  x  3e 4.708 29
Graphing logarithm functions
• Since the logarithm function is defined for only x > 0, the
domain of f is (0, ∞). The range of f is (–∞, ∞).
• As x can never be zero, there is no y-intercept.
• Since logb 1 = 0, the x-intercept is always 1.
• If b > 1, the graph rises from left to right. If 0 < b < 1, the
graph falls from left to right.
• The graph of f(x) = logb x is a mirror reflection of the
graph f(x) = bx about the line y = x.
30
Example 5.9
• Sketch the graph of f(x) = ex and f(x) = ln x on the same
axes.

31
Relation between exponential and
logarithm functions
• This relationship is described algebraically by
eln x  x

• E.g. eln 0.7 = 0.7, eln 31 = 31.

32
Exercise
• Try Discussion questions Q3, 4 and 5.

33
Exponential growth and decay model
• Exponential growth • Exponential decay
• Quantity grows at a rate • Quantity decreases at a rate
directly proportional to their directly proportional to their
amount amount
Q(t) = Q0ekt Q(t) = Q0e–kt
• Q(t) represents a quantity at • Q(t) represents a quantity at
time t time t
• Q0 is the quantity that is • Q0 is the quantity that is initially
initially present (t = 0) present (t = 0)
• k is the growth constant. • k is the decay constant. 34
Exponential growth and decay model
• Exponential growth • Exponential decay

35
Example 5.11
• A multi-national company purchased a set of printing
machines for $500,000. After 3 years, the value of the
machines had decreased to $350,000. Assuming that
the machine’s value decreases exponentially, what will
its value be after 7 years?

36
Example 5.11
Since the value decreases exponentially, it follows the
exponential decay function Q(t) = Q0e–kt.

The initial value is $500,000, i.e. Q(0) = 500,000.


 k 0 
Q0 e 500, 000
Q0 500, 000

37
Example 5.11
The value of the machine after 3 years is $350,000, i.e.
Q(3) = 350,000.
 k 3
500, 000e 350, 000
 3k
e 0.7
 3k ln 0.7
k 0.11889

Thus the model is given by Q(t) = 500,000e–0.11889t.


38
Example 5.11
The value after 7 years is given by t = 7.
 0.118897 
Q 7  500, 000e
$217,538.99

39
Example 5.12
• A division of Western Mobile produces a certain type of mobile
phone. The training and development section has determined
that after completing a basic training program, a new employee
will be able to assemble Q(t) = 40 – 20e–0.5t mobile phones per
day, where t is the number of months after which the employee
starts work on the assembly line.
• (a) How many mobile phones can a new employee assemble
per day after completing the basic training program?
• (b) How many mobile phones can an employee with 6
months experience assemble per day?
• (c) What is the greatest number of mobile phones an
experienced employee can assemble per day?
40
Example 5.12
(a) Immediately after completing the basic training
program, t = 0.
 0.50 
Q 0  40  20e 20
(b) After 6 months experience, t = 6.
 0.56 
Q 6  40  20e 39
(c) As t gets larger, e–0.5t gets closer to 0. This means that
40 – 20e–0.5t gets closer to 40.
Hence greatest number of mobile phones = 40.
41
Logistic growth model
• Quantity exhibits exponential growth at the beginning
stages and reaches a “saturation” stage as time
increases.
A
Q t    kt
1  Be

• Q(t) represents a quantity at time t


• A, B and k are positive constants.

42
Logistic growth model
• Curve is shaped like the
letter S.
• Growth rate increases at
first but decreases quite
rapidly as t increases.
• As t gets larger, the
quantity approaches A
but never exceeds A.

43
Example 5.13
• The number of students who contracted influenza in a
private school after t days during an epidemic is
approximated by the model
6000
Q t    kt
1 1500e
• After 6 days, 50 students had contracted flu. How many
students will contract flu after 10 days?

44
Example 5.13
50 students contracted flu after 6 days, i.e. Q(6) = 50.
6000
 6k
50
1 1500e
6000 50 1 1500e  6 k 
 6k
120 1 1500e
 6k
e 0.07933
 6k ln 0.07933
k 0.42235 45
Example 5.13
Hence 6000
Q t  
1 1500e  0.42235t
After 10 days, the number of students who contracted flu
is given by
6000
Q 10    0.4223510 
1 1500e
261.199
261

46
Exercise
• Try Discussion questions Q6, 7 and 8.

47

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