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| a rule that takes certain numbers as inputs and assigns to each a definite output number |
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| set of resulting output numbers from the input numbers |
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| a function is increasing if the values of f(x) increase as x increases |
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| A function is decreasing if the values of f(x) decrease as x increases |
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| graphs whose functions are straight lines. |
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| equation for linear function |
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| f(x)=mx+b. m->slope, b->y-intercept |
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| the graph of a function is concave up if it bends upward as we move left to right |
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| the graph of a function is concave down if it bends downward as we move left to right |
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| gives the total coast of producing a quantity q of some good |
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| fixed cost + variable cost |
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| gives the total revenue received by a firm from selling a quantity, q, of some good |
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| Revenue-Cost or R(q)-C(q) |
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| Where profit=0 and the revenue equals cost |
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| marginal cost, marginal revenue |
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| the rate of change for a cost function, the rate of change for a revenue function |
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| V(t) or value of a function since it began. We assume that the value of a function depreciates linearly. If a function is decreasing at a rate of $1700 per year and it was worth $20,000 when it was bought/created, the actual equation would be V(t)=20,000-17,000t |
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| relates the quantity of the item that manufacturers are willing to make per unit time to the price for which the item can be sold. |
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| relates the quantity of an item demanded by consumers per unit time to the price of the item |
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| a tax imposed on the buyers |
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| a tax imposed on the sellers |
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| If you have $12,000 and will only spend it on guns and butter, it is the range of quantities you can buy of each of the two objects. So, if guns cost $400 and butter cost $2000, the equation would be 12,000=400g + 2000b |
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| B=P(rate)^t. If it is an increasing rate (of 3.6%), then you would write 1.036. If it is a decreasing rate of (3.6%), then you would write .036 |
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| future value/present value |
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| If future value is B and present value is P, then B=P(1+r)^t |
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