Answered: what is a Function? Discuss the…

what is a Function? Discuss the following concepts of functions with the help of an economic example : 4) Exponential function 5) Logarithmic Function

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter1: What Is Economics

Section1.A: Using Graphs: A Review

Problem 3TY

See similar textbooks

Related questions

Q: A kids' organization sold 570 bars last year at $ 2.55 per candy bar. Research has suggested that…

A: (Only the first three parts have been solved). In this case, first the dd function that is faced…

Q: Draw a graph of the following function: y= e^x/(1+e^x)

Q: what is a Function? Discuss the following concepts of functions with the help of an economic example…

A: What is a Function? Economists are fascinated by many forms of connections. An economist, for…

Q: Which of the following pairs is most likely to exhibit an inverse relationship?a. The amount of time…

A: The demand curve is downward sloping, which shows the inverse or negative relationship between price…

Q: Define the conditions for a weakly quasi-concave Cobb-Douglas Function

A: Any such Cobb Douglas performance will be composed as a monotonic change of an indented…

Q: Suppose Maria would spend $1500 per year on travel, even if her annual income were zero. As her…

A: $1500 spending on travel by Maria is known as autonomous spending which is independent of her…

Q: state the limitations of using a cubic function with inflection point to model the side of a hill.…

A: Cubic perform are often represented in very few alternative ways. Technically, a cubical perform is…

Q: How are the slopes of the IS and LM curves determined? Explain with graph

A: IS curve refers to the goods market equilibrium curve which is explained by the Keynesian model. The…

Q: How would you interpret (1) an upward sloping curve and (2) a downward slope curve in a two variable…

A: Upward sloping curve shows positive relationship between the two variables and downward sloping…

Q: The table gives information about the relationship between two variables, x and y. The…

A: The relationship between x and y can be positive, negative or remains constant depends on the values…

Q: What are the values of the function f(-2) f(3)

A: A function is generally described as a rule that assigns a number in R1 to every number in R1 for…

Q: Use the MU function derive from the TU function: TU = 200Q - 25Q^2 + Q^3 to draw a table up to the…

A: MU function derived from :- TU function: TU = 200Q - 25Q^2 + Q^3 Draw a table up to the level of…

Q: Hello. May I ask how did you get the values? Were those only assumed values? Can you also explain…

A: (A) The standard version of the game is as follows: The game is a zero sum game, or a game where…

Q: Construct a table from the data shown. Which is the dependent variable and which is the independent…

A: The above data can be shown in the following table: Exam Score Study Time 10 points 0…

Q: The slope of a curve measures the rate of change of the ___________ variable.

A: The slope of the tangent at P. The incline of a bend y = f(x) at the point P implies the slant of…

Q: On a graph, a positive linear relationship moves down from left to right. This statement is right or…

A: The relationship between two variables is called as linear when the curve representing the function…

Q: Write the coefficient matrix and the augmented matrix of the given system of linear equations. 5x, +…

A: Given : Set of liner equations 5x1+8x2=98x1-6x2=1

Q: The value of this graph as is becoming clear! Now let's consider a case in which the relationship…

A: Supply curve refers to the curve that shows the various quantities of a good or service supplied or…

Q: Qd= 20-0.5P, find the slope of the function ?

A: In mathematics, a slope of a line is a number that measures the direction and magnitude of a line.…

Q: 4. Find the maximum values of the following functions and show whether they are maximized at their…

A: A function achieves its maximum value when it reaches its highest value. The maximum value of a…

Q: The relationships between some economic variables w, y, and z and another economic variable, x, are…

A: in a competitive market there are large number of firms producing identical products thus acting as…

Q: Consider the function Y=5X0520s, where X and Z are both greater than or equal to zera. Complete the…

A: X Z Y 4 16 320 6 6 180 16 4 320 16 1 80 18 1 90 4 4 20 1 16 80 8 8 320 2 18 180…

Q: (H.W): Is this function g:R-R, g(x) = x² injective?

A: A function is injective if the preimages of elements of the range are unique.

Q: Suppose that when the interest rate on loans is 16 percent, businesses find it unprofitable to…

A: If the interest rate is 16%, the investment is zero as it is unprofitable to invest. As the interest…

Q: The blue curve on the following graph shows the height of an airplane over 10 minutes of flight. The…

A: The formula for calculating slope is, Slope = Change in Y / Change in X

Q: The function f(x, y) = (x + y)* – a² – y? – 6xy | has stationary points at some of the following…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: What is the variable that adjusts the effect of the independent variable on the dependent variable…

A: There are 2 variables,dependent and independent variables.

Q: स The table shows both the number of a certain type of graphing calculator in demand and the number…

A: Solving part a part only

Q: Examine the product of the two matrices to determine if each is the inverse of the other. 1 - 1 1 -…

A: The product of a matrix with its inverse is equal to the identity matrix. A×A-1=I

Q: Solve the following LPP ‏Max Z = 8 X1 + 10 X2 + 12 X3 ‏X1 + X2> = 22 ‏X1 - X2 = N - 24 X2, ‏Where N…

A: Answer - Need to find - Values of variable using graphical method Given in the quetion- Maz z = 8x1…

Q: a) direct relationship. b) inverse relationship. c) converse relationship d) negative…

A: Answer: Direct relationship: A direct relationship between two variables occurs when due to an…

Q: Differentiate between the following terms (i) Homogenous and non-homogenous differential equations…

A: Ans. d Difference between the following terms: Ans. (i). Homogenous and non-homogenous differential…

Q: The world's population living in extreme poverty has declined linearly between the years 2005 and…

A: The general linear equation, y = mx +b The linear equation that models the world’s population in…

Q: For the function f(x,y) = e 6xy find f, and fy f, =| (Simplify your answer.) f,= |(Simplify your…

A: Given : f(x,y) = e 6xy To find : fx and fy

Q: In IS-MP model what variable is on horizontal axis? If IS-MP have different variable on horizontal…

A: IS that is an investment and saving is a downward sloping curve, this curve shows that with an…

Q: Marketing surveys conducted by the sales manager for a company determined that 3,000 power drills…

Q: What is a circular flow model

A: In economics, households refers to one or more persons that live in the same place and share meals.…

Q: what does (D1/P0) represent?

A: This formula represents the following stated in the next step.

Q: Explain which of the following is the independent variable and which is the dependent variable for…

A: In economics, variables are considered as dependent and independent according to their importance in…

Question

. what is a Function? Discuss the following concepts of functions with the help of an economic example :

4) Exponential function 5) Logarithmic Function

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

. what is a Function? Discuss the following concepts of functions with the help of an economic example : 1) Decreasing Function 2) Implicit Function 3) Multi-valued Function 4) Exponential function 5) Logarithmic Function
Can you show me how the curve graph works. I am confused about the math in getting the answers. Thank you
Could I get some help seeing the equation for L and an explanation on how to graph please?
Construct a table from the data shown on the graph below. Which is the dependent variable and which the independent variable? Summarize the data in equation form.
CH SESSION 1.2: SELF-ASSESSMENT EXERCISE 1. Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is direct relationship? How does it graph? 2. Graph each of the following sets of numbers in table 2 below. Draw a line through the points and calculate the slope of each line. 2X4 1 2 3 1 Y 5 10 20 X 0 5 20 2 Y 0 5 10 20 X 1 2 3 3 Y 25 20 15 X 0.1 0.3 Y 100 75 50 25 Table 2 3. For each of the graphs in table 2 above, determine whether the curve has a positive or a negative slope. Give an intuitive explanation for what is happening with the slope of each curve. ICON 1000 Principles of Economics I- UNIT 1 11
Can you explain with graphs as well please
what is the mathematical way to solving this, i used the slope formula but i dont know if that is the way to get answer.
Graph the function C=50+0.8Y and give economic interpretations of the elements of the equation.
How can I answer these questions by using the graph?
The relationships between some economic variables w, y, and z and another economic variable, x, are shown in the graph above. Notice that the horizontal axis is labeled “x” since they are all functions of x but the vertical axis is not labeled. 1-1 Does the vertical axis need a label in order for you to be able to understand the graph?1-2What value of x minimizes w?
The following graph contains four lines (A, B, C and D), each of which has a slope that is either positive, negative, zero, or infinite. Y-axisX-axisBDCA For each of the following scenarios, indicate whether the relationship between the two variables is positive or negative, as well as which line on the previous graph has a slope that reflects this type of relationship. Hint: The X-axis and Y-axis on the graph are not labeled intentionally. You need to substitute the variables from each scenario for the horizontal and vertical axis. For example, in the first scenario, X-axis should be labeled “ ice-cream" and Y-axis should be labeled "The temperature". Scenario Relationship Line As the temperature rises, the demand for ice-cream rises. Negative As the temperature rises, the demand for hot cocoa falls. Positive As the temperature falls, the demand for popsicles falls. Negative True or False: Line B has a slope of infinity.…
On a graph, a positive linear relationship moves down from left to right. This statement is right or wrong? WHY?