‘,8Amanda Samaroo

Mathematics for Economics – ECON 1003

Year 1 (2020/20210) - Semester 1

FUNCTIONS

 Definition of a function:
A function is a special relationship where It RELATES each element of a set (an input) with only one
single element of another set (the output). Therefore, fore every input there must be only one
output. It is often written as f(x). It RELATES an input to an output.
There are always 3 main parts:
 The Input
 The Relationship
 The Output
Functions are given names by letters; i.e.: f, g, h etc. Sometimes there are no names i.e. y=x2
The x is just a place holder, and is there to show where the input goes and what happens to it.
A function takes elements from a set (the domain) and relates them to elements in a set
(the codomain).
All the outputs (the actual values related to) are together called the range
Every element in the domain is included.
An input and its matching output are together called an ordered pair- so a function can also be seen
as a set of ordered pairs.
A vertical Line test can be done on a graph to determine whether it is a function – It must cross the
X axis at one point.

Functions go: DOMAIN -> FUNCTION -> RANGE

Functions can be represented in various ways:
- Table
- List of Ordered Pairs
- Mapping Diagram
- Graph
 Domain and Range of a function: (without graph):

 How to find the Domain of a Function - (Inputs):

- Basic polynomial only  DOMAIN = ALL REAL NUMBERS {R} OR (-∞,∞)

- Fraction Only  DOMAIN = Set the Denominator as x ≠ 0

- Square Root Only  DOMAIN = Set the expression under the square
root sign, and set it to x ≥ 0

- Square root on the bottom of Fraction  DOMAIN = Set the expression under the root
symbol, as x > 0 (NOT equal to or more than 0, because it CANNOT BE 0)

- Square Root on the top of Fraction  DOMAIN = Consider both the top, which is set as
as: x ≥ 0 and the denominator, x ≠ 0. Find the interval which makes X true.

 How to find the Range of Function - (Outputs)

 Domain and Range of a function: (with graph):

Domain: - This will be the lowest and highest point at X

Range: - The minimum point at y, to the highest point of
  Special Functions TYPES OF FUNCTIONS: (Constant, Polynomial, Rational, Absolute Value)

 Constant Function:
- A Constant Function is a linear function, whose (output) value is the same for every input
value.
- It is defined as f(x)=c - where c is s constant and X E Real number (Y intercept)

GRAPH OF CONSTANT FUNCTION:

- The graph of a constant function is a horizontal line that is, a line with slope 0.
- If the function is positive it will be above the x axis, and if it is negative it will be below the x
axis. If k = 0 it will lie on the x axis.
- Y intercept = c
- Domain: all real numbers / (-inf, inf)
- Range: c

 Polynomial Function:
- A polynomial function can be expressed in the form of a polynomial and involves only non-
negative integer powers or only positive integer exponents of a variable in an equation like
the quadratic equation, cubic equation.
GRAPHS OF POLYNOMIAL FUNCTIONS:
 - each power corresponds to the number of “0’s” – that is how many times it cuts the X axis.

 Rational Functions (Hyperbola):

- A rational function is any function which can be defined by a rational fraction, or can be
written as the ratio of two polynomial functions – i.e. - where both the numerator and the
denominator are polynomials - and the polynomial in the denominator is not equal to 0.

- Vertical Asymptotes - are vertical lines which correspond to the zeroes of the denominator

of a rational function. They are vertical lines (perpendicular to the x-axis) near which the
function grows without bound
FINDING THE VERTICLE ASYMPTOTES STEPS: -
1. Factor
2. Cancel
3. Set denominator as = 0 – the Number that will make the den 0 is the VA.

- There are NO VA if x = an imaginary complex number.

- Horizontal Asymptotes - Horizontal lines that the graph of the function approaches as x
tends to +∞ or −∞. As the name indicates they are parallel to the x-axis.

 If the degree (the largest exponent) of the denominator is bigger than the degree of the
numerator, the horizontal asymptote is the x-axis (y = 0).

 If the degree of the numerator is bigger than the denominator, there is no horizontal
asymptote.

 If the degree of the numerator is bigger than the denominator, there is no horizontal
asymptote.

 BOBO - Bigger on bottom, y=0

 BOTN - Bigger on top, none
 EATS DC - Exponents are the same, divide coefficients

 Holes / Removable Discontinuities in the graph is a point on the graph that is undefined or
does not fit the rest of the graph. There is a gap in the graph at that location. A removable
discontinuity is marked by an open circle on a graph at the point where the graph is
undefined or is a different value.

A hole is created when the function has the same factor in both the numerator and denominator,
and when this factor can be cancelled out.

 Zeros – a crossing point where the graph cuts the X axis- Set the numerator as = 0
GRAPH OF RATIONAL FUNCTIONS:

 Absolute Value Functions:

- The precise term in "non-negative." Absolute value is a magnitude and is either positive or
zero. Zero is neither positive nor negative. But the absolute value of any non-zero number
can be thought of as it's distance from zero and it will always be positive.

ABSOLUTE VALUE GRAPH:

 The Remainder and Factor Theorem and Solution of Cubic Equations.

 The Remainder Theorem: The Polynomial Remainder Theorem allows us to

determine whether a linear expression is a factor of a polynomial expression easily.
is useful for evaluating polynomials at a given value of x.

- It states that: p(x) divided by x-a

 Remainder = f(a)

The remainder theorem ONLY WORKS WHEN A FUNCTION IS DIVIDED BY A LINEAR POLYNOMIAL.

- Which is the form : x+a or x-a, where a is a number.

- Alternatively, we can use SYNTHETHIC DIVISION, to divide a polynomial instead of Long
division.
 The Factor theorem: The Remainder Theorem points out, if you divide a polynomial p(x) by a
factor x – a of that polynomial, then you will get a zero remainder. The point of the Factor
Theorem is the reverse of the Remainder Theorem: If you synthetic-divide a polynomial
by x = a and get a zero remainder, then, not only is x = a a zero of the polynomial (courtesy
of the Remainder Theorem), but x – a is also a factor of the polynomial.

 Solving Cubic Equations:

- First check to see if it can be solved by factoring: If the two groups when divided gives the
same answer then it can be factored.
- If it cannot be factored use an alternative method:
1. Check to see if x=1 is a solution if all coefficients = 0
2. Check if x= - 1 is a solution by adding alternative coefficients to see if they
are the same.
3. If x does not = 1 or -1 – then Find the factors of the constant. Input one of
the factor values into the polynomial and if it = 0 then it is a solution
therefore we take this number and divide by synthetic division.
4. Take the values from the division and add the corresponding variables to
them.
5. Factor the whole expression, and the values, along with the earlier solution
are all the solutions. – (THERE MUST BE 3 SOLUTIONS IN CUBIC
POLYNOMIALS)
6. To check your answer, add all your solutions and it must EQUAL to -B/A.

 Linear
- Find X and Y intercept
- Need 2 points

 Quadratic graphs
- X intercepts
- Y intercept
- Turning point (Vertex), written as (x,y)
X = -B/2a
Y= f(-b/2a)

 Application of Functions (Depreciation Demand and Supply Curves, Production Levels)

 Transformation Graphs (Horizontal and Vertical Shifts, Reflection in the X axis)

SOLUTIONS OF INEQUALITIES

Systems of linear inequalities:

 A "system" of linear inequalities is a set of linear inequalities that you deal with all at
once. 

 Solving Linear, Absolute Value and Quadratic Inequalities.

- Linear: * std

- Absolute Value: NOTE when less than symbol, the solutions should be AND , when its is
more than, it should be OR.

- Quadratic:

 Addition and Subtraction with Inequalities

 Multiplying and Dividing with Inequalities

 Graph systems of Inequalities

  Applications of Inequalities (Profits, Sales, Allocation, Investment)

EXPONENTIAL AND LOGARAMETHIC FUNCTIONS

 The natural logarithm – The logarithm to the base of the mathematical constant e,

where e is an irrational and transcendental number approximately equal to
2.718281828459. The natural logarithm of x is generally written as ln x, log e x, or
sometimes, if the base e is implicit, simply log x.

 How to convert logs to exponential form –

- If not, already, set = to X

- Little number, to the power of the number after the equal sign = to the large number, or
middle number.
- Then see what number with applies to the base as an exponent will give you what it is
equalled to.
 If you CANNOT SOLVE THIS WAY – then use the CHANGE OF BASE FORMULA.
Put log(middle number) divided by log(small number).

 Properties of Logarithms::
 MARTIX ALGEBRA

 Definition of a Matrix:

Matrix is an arrangement of numbers into rows and columns. A matrix is a rectangular

arrangement of numbers into rows and columns. ... For example, matrix A has two rows
and three columns.

 Matrix Addition
 Matrix Multiplication

 Matrix Transposition: In linear algebra, the transpose of a matrix is an operator

which flips a matrix over its diagonal; that is, it switches the row and column indices
of the matrix A by producing another matrix, often denoted by Aᵀ

 Determinant of A 2x2 Matrix = AxD – BxC

 Inverse of a 2x2 Matrix = 1/Det x Adjoint

- Adjoint = switch the positions of the first diagonal and the sighs of the second diagonal.
  Determinant of a 3x3 Matrix = matrix of cofactors method

- Diagonal method:
- Copy the first two columns after the matrix.
- Form the first 3 diagonals (life to right)
- Form the second 3 diagonals (right to left)
- Subtract the first with the second.

 Inverse of a 3x3 Matrix.

- Find the determinant
- Find the adjoint – this is done by selecting every number, cancelling the 3x3 matrix to find all
the 2x2 matrix from each
- Find the determinant of all the 2x2 matrices
- Alternate and change each sign in the matrix containing the determinates of all the 2x2
matrices
- Draw a line of the middle diagonal – these will stay the same.
- Swap each number across the diagonal line.
- Calculate the inverse by the determinant of the 3x3 matrix multiplied by the adjoint.

 Solving linear equation with 2x2 Matrix (Cramer’s Rule)

- Form a matrix using the coefficients of the equations.
- Use the determinant of this matrix as the DENOMINATOR
- When solving for x, change the X values for the solutions. And when solving for Y, put the
solutions as the y values. find the determinant of this and make this your NUMERATOR
- Divide the numerator and the denominator and that is your answer for x and y respectively.

 Solving linear equation with 3x3 Matrix (Cramer’s Rule)

- Form a matrix using the coefficients of the equations.
- Use the determinant of this matrix as the DENOMINATOR (review above how to find the det
of a 3x3 matrix)
- When solving for x, change the X values for the solutions. And when solving for Y, put the
solutions as the y values. find the determinant of this and make this your NUMERATOR
- Divide the numerator and the denominator and that is your answer for x and y respectively.

 Inverse method of solving 3x3 linear equation:

- Find the det and adjoint.
- Multiply the det by the adjoint to get the inverse
- Multiply this by the solutions
- Simplify and you will get the values of x,y and z

 Equivalent Matrices: must be equal

 SEQUENCES AND SERIES

 Definition of a sequence:

A "sequence" is an ordered list of numbers; the numbers in this ordered list are called
the "elements" or the "terms" of the sequence.

 Series:

A "series" is what you get when you add up all the terms of a sequence; the addition,
and also the resulting value, are called the "sum" or the "summation"

 Recursive Formula: only going to get the NEXT TERM. Gives the value of a specified
term based on the previous term.
- Will need the nth term
- Will need a previous term, the term that came before an

An = an-1 + d (common difference)

 Explicit Formula: can give us WHATEVER TERM we want to find. Gives the value of
a specified term based on its position.
- Need the nth term
- Need a starting term

 Arithmetic Sequences: An arithmetic sequence is any sequence with a constant

difference between the terms. The terms themselves (and/or the sum) can be
positive, negative, or zero.
- to find the nth term = a1 + (n-1) x d (the common difference)

- to find the common difference = a1 + 4d = a5

- to find the sum of the first “n” numbers = n/2(2a + (n - 1)d)

- to find the common difference given only the value of one term and its sum. = (nth term /
sum) eg: 11d / 55 =common difference of 5

- to find a1 = substitute……….. ie: a1 + 10d = 11a

- to find how many terms to give a sum of x = Sum(put number) = n/2 (2a1+(n-1)d)
  Geometric Sequences: n mathematics, a geometric progression, also known as
a geometric sequence, is a sequence of numbers where each term after the first is
found by multiplying the previous one by a fixed, non-zero number called the
common ratio.
- An = a1 (common ratio) ^n-1

- Sum up to the nth term (finite): Sn = a1 (1-common ratio^n) / 1-r

- Sum of infinity (infinite) - = a1/1-r

- To find the common ratio = a1 x r^3 = a4

 Arithmetic Series
 Geometric Series
 Sigma Notation
 Sums of Arithmetic and Geometric Series
 Sums to Infinity
 COMPLEX NUMBERS

 The definition of Imaginary numbers:

- Essentially, an imaginary number is the square root of a negative number and does not have
a tangible value.

 Definition of Complex numbers:

- A complex number is a number that can be expressed in the form a + bi, where a and b are
real numbers, and i represents the imaginary unit, satisfying the equation i 2 = −1. Because no
real number satisfies this equation, is called an imaginary number.
 LIMITS AND CONTUINITY

 How to find a Limit:

1. Plug in the x value. If you do not get a number or fraction and get a 0 in the bottom
or 0/0 use another method.
2. Factor the expressions, cancel and simplify, and then plug in 0. If you still ger 0 on
the bottom or 0/0 then the limit DOES NOT EXIST
3. Get a common denominator.
4. Open brackets. Expand and simplify. Plug in and simplify.
5. What dealing with square root. Multiply by the conjugate of the square root.
 DIFFERENTIATION

The derivative is the instantaneous rate of change of a function with respect to one of its variables.
This is equivalent to finding the slope of the tangent line to the function at a point.
- “Derivative or Differentiation” is synonymous with terms such as: marginal change, rates
of change, slope, gradient, gradient function.

1. Power rule: f(x) = axn > f’(x)= naxn-1

F(x) = a > f’(x) = 0 when differentiating a constant it is 0.

2. Product rule: h(x) = a+b x cxd > f’.g + g’.f

3. Quotient Rule: h(x) = f/g > f’g – g’f/g 2

4. Chain Rule: h(x) = f(x)= (x2-3x)4 > dy/dx = dy/du x du/dx

- LET U = inner function i.e x2-3x

5. Log and e

APPLICATIONS OF DIFFERENTIATION
- Applied to cost and profits

 How to find turning point?

1. Maximum turning point
2. Minimum turning point
3. Point of inflection – positive inflection point
4. Point of inflection – negative inflection point

- Turning point (maximum turning point) relates to maximum profit and minimum turning
point is cost minimization. (quadratic /parabola)
- The tangent turns from positive to flat to negative for max
- The tangent turns from negative to flat to positive.
- At the max and min points THE SLOPE IS 0.