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M119 Exam 1
N/A
39
Mathematics
Undergraduate 1
02/02/2013
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Term
concave up
 Definition
increasing
Term
P1-P0
 Definition
absolute change
Term
(P1-P0)/P0
 Definition
relative change
Term
R=pq
 Definition
revenue function
Term
P=pq-C
 Definition
profit function
Term
R(q)=C(q)
 Definition
breakeven point
Term
marginal cost
 Definition
cost of making one more item
Term
marginal revenue
 Definition
revenue of selling one more item
Term
marginal profit
 Definition
profit from selling one more item
Term
V=V(t)
 Definition
depreciation function; t=vertical intercept; v=horizontal intercept
Term
supply curve
 Definition
q increases with p
Term
demand curve
 Definition
q decreases as p increases
Term
S(p)=D(p)
 Definition
equilibrium point
Term
S(p-x)
 Definition
specific tax
Term
D(p+x)
 Definition
sales tax
Term
(x^a)(x^b)
 Definition
x^(a+b)
Term
(x^a)/(x^b)
 Definition
x^(a-b)
Term
(x^s)^t
 Definition
x^(st)
Term
e ^ln x
 Definition
x
Term
P(t)=P0a^t
 Definition
exponential function; per measured time period=r; a=1+r
Term
P(t)=P0e^kt
 Definition
continuous growth or decay rate=k
Term
P(t+n)/P(t)=a^n
 Definition
constant ratios of values
Term
B=P(1+r)^t
 Definition
COMPOUNDED ANNUALLY
P: amount initially deposited
r: annual interest rate
t: number of years P is in account
B: balance in account after t years
Term
B=P(1+(r/n))^nt
 Definition
compounded n times a year
Term
nominal rate
 Definition
when the amount is compounded more often than the time period for which the rate is given, and the amount received is larger (r)
Term
effective annual rate
 Definition
annual rate equivalent to the compounded rate
Term
B=Pe^rt
 Definition
COMPOUNDED CONTINUOUSLY
Term
B=P(1+r)^t
P=B/(1+r)^t
 Definition
compounded annually at a rate r for t years
Term
B=Pe^rt
P=Be^-rt
 Definition
compounded continuously at a rate r for t years
Term
B=
P=
 Definition
future value
present value
Term
P(t)=P0e^kt
 Definition
continuous growth or decay
Term
P(t)=P0a^t
 Definition
growth or decay rate r per unit time given
Term
f(x-k)
 Definition
shifted to the right by k units if k is positive
Term
f(x)+k
 Definition
moved up k units if k is positive
Term
c<0
 Definition
reflects the graph about the x-axis in addition to any shrinking or stretching
Term
y=kx
 Definition
directly proportional; k=constant of proportionality
Term
d=rt
 Definition
inversely proportional
Term
k>0
 Definition
magnitude of one variable increases when the magnitude of the other increases when directly proportional
Term
Q(x)=kx^p
 Definition
standard power function form
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