PRESENTATION OF ECONOMICS SKILL

• NAME:- SAHIL SULTAN SHAH

• SEM:- SECOND (2ND)
• ROLL NO:- 0305220015
• TOPIC:- DIFFERENT FUNCTIONS USED IN ECONOMICS
Q. What Is Function?

1. Function is a set of ordered pair, with a property that the value of x determines the value
of y.
Y= f(x)
2. Function must be a relationship, but a relationship may not be a function
• Relationship is also a set of ordered pair
Example:-(0,0) (1,0) (-1,-1)
• Y= f(x) (1)
• X ≠ f(y)
3. Function (1) denotes that the action of x determines the action of y . However converse is
not required.
i.e:- x ≠ f(y)
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 Mathematically we write y =f(x)
• It means that mathematically y depends on x . If we know the value of x , then we can find the value of y
.
A simple example of functional notation.
• Qd = the number of pizzas (quantity demanded).
• Pp = the price of pizza.
• Pt = the price of tomato sauce.
• Pc = the price of cheese.
• Pd = the price of pizza dough.
• N = the number of potential pizza eaters.
Pp = f(Pt,Pc,Pd)
• This is an example of a function that says the price of pizza depends on the prices of tomato sauce, cheese
and pizza dough .There is one dependent variable ,the price of pizza and there are three independent
variables, the prices of tomato sauce, cheese and pizza dough.
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 Q. TYPES OF FUNCTION:-

1. CONSTANT FUNCTION:-
2. POLYNOMIAL FUNCTION:-
3. RATIONAL FUNCTION:-
4. NON-ALGEBRAIC FUNCTION:-
1. Constant Function:- Constant Function is a function in which the value of x does not depend on the
value of y.
IMPORTANT POINTS ON CONSTANT FUNCTION:-
• THE GRAPH OF A CONSTANT FUNCTION CAN NEVER BE A CURVE.
• THE GRAPH OF A CONSTANT FUNCTION IS ALWAYS A HORIZONTAL LINE.
• AN ALGEBRIAC FUNCTION IS A CONSTANT FUNCTION IF THERE IS NO VARIABLE IN ITS
DEFINITION.
• THE DERIVATION OF A CONSTANT FUNCTION IS 0.
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1. .
2. Polynomial Function:- A polynomial Function is a function that can be expressed in
the form of a polynomial. It is a function that involves only non-negative integer
powers or only positive integer exponents of a variable in an equation Like quadratic
equation,cubic equation, e.t.c. For example ,2x+5 is a polynomial that has exponent
equal to 1.A polynomial function is generally represented as P (x).

TYPES OF POLYNOMIAL FUNCTION

• CONSTANT FUNCTION:- P(x)= a = ax⁰
• LINEAR FUNCTION:- P(x) = ax + b
• QUADRATIC FUNCTION:- P(x)= ax² + bx + c
• CUBIC FUNCTION:- P(x)= ax³ + bx² + cx + d
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1..
2..
3.Rational Function:- A rational function is a function that is the ratio of two polynomials,where the
polynomial in the denominator should not be equal to zero.Any function of one variable, x, is called a
rational function if, it can be represented as
f(x) = P(x)/q(x) , Where P(x) and q(x) are two polynomials such that q(x) ≠ 0.

A Rational function is of the form:-

f (x) = p (x) / q(x).
Where q(x) ≠ 0.
4. Non-Algebraic Function:- Non Algebraic function is also known as Transcendental function which
means a function which is not an algebriac function.In other words,a function which “transcends”, i.e,
cannot be expressed in terms of algebra.
• Exponents:- The Exponents of a number shows how many times the number is multiplied by itself.
For example , 2×2×2×2 can be written as 2⁴,as 2 is multiplied by itself four times.Here 2 is called the
‘base’ and 4 is called the 'exponent’ or ‘ power’.
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PREPARED BY:- SAHIL PEER!

THANKS FOR YOUR ATTENTION!

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