Scribd Logo
Upload

Welcome to Scribd!

  • 16 views

    Practice On Logs and Exponentials

    Uploaded by

    C C
    The document discusses types of functions used in economics, including constant, linear, quadratic, exponential, and logarithmic functions. It provides examples of how each type of function is used. It then focuses on exponential and logarithmic functions, defining them, giving examples of their use in economics for modeling growth and decay, and discussing techniques for solving exponential and logarithmic equations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd

    Practice On Logs and Exponentials

    Uploaded by

    C C
    16 views17 pages
    The document discusses types of functions used in economics, including constant, linear, quadratic, exponential, and logarithmic functions. It provides examples of how each type of function is used. It then focuses on exponential and logarithmic functions, defining them, giving examples of their use in economics for modeling growth and decay, and discussing techniques for solving exponential and logarithmic equations.

    Original Description:

    Practice on Logs and Exponentials

    Original Title

    Practice on Logs and Exponentials

    Copyright

    © © All Rights Reserved

    Available Formats

    PPTX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document discusses types of functions used in economics, including constant, linear, quadratic, exponential, and logarithmic functions. It provides examples of how each type of function is used. It then focuses on exponential and logarithmic functions, defining them, giving examples of their use in economics for modeling growth and decay, and discussing techniques for solving exponential and logarithmic equations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    16 views17 pages

    Practice On Logs and Exponentials

    Uploaded by

    C C
    The document discusses types of functions used in economics, including constant, linear, quadratic, exponential, and logarithmic functions. It provides examples of how each type of function is used. It then focuses on exponential and logarithmic functions, defining them, giving examples of their use in economics for modeling growth and decay, and discussing techniques for solving exponential and logarithmic equations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    You are on page 1of 17

    Increasing and Decreasing Functions

    Exponential functions
    Logarithmic functions
    Applications of Exponentials and Logarithms
    Types of functions

    function name specific form economic use

    Constant y  a0 fixed costs, interest rates


    Linear y  a0  a1 x MarketEquilibrium

    Quadratic y  a0  a1 x  a2 x 2 Cost
    Exponential y  bx compounding & discounting
    Logarithmic x  log b y growth, production functions

    2
    • To introduce exponential functions and their
    applications.
    • To introduce logarithmic functions and their
    graphs.
    • To study the basic properties of logarithmic
    functions.
    • To develop techniques for solving logarithmic
    and exponential equations.
    • In economics exponential functions are
    important when looking at growth or decay. 
    Examples are the value of an investment that
    increases by a constant percentage each
    period ,  sales of a company that increase at a
    constant percentage each period, models of
    economic growth or models of the spread of
    an epidemic.
    • The exponential function has the form:
    •             F(x) =  y  =  abx
    •  
    • where a 0 and  b is a constant called the
    base of the exponential function.  b > 0  and  b
    1
    • The exponential function most used in
    economics is y = ex
    • The independent variable is in the power and
    the base is the mathematical constant
    e = 2.71828…
    • Use your calculator or computer to evaluate ex
    
    • The function f defined by f x  b
    x

    where b > 0, b  1, and the exponent x is any


    real number, is called an exponential function
    with base b1.
    • The number of bacteria present in4 at culture
     
    after t minutes is given by N  t   300
    .  3 
    • a. How many bacteria are present initially?
    • b. Approximately how many bacteria are
    present after 3 minutes?
    0
    • When t = 0, N (0)  300  4   300(1)  300
     
    3
    3
    • When t = 3 4  64  6400
    N (3)  300    300     711
    3  27  9
    Graph the exponential function f(x) = (1/2)x.
    Solution:
    • The population of a town of 10,000 grows at
    the rate of 2% per year. Find the population
    three years from now.
    • Solution:
    • For t = 3, we have .

    P (3)  10,000(1.02)3  10,612


    Logarithmic Functions

    a.Find log 100.


    log 100  log 10   2
    2

    • b. Find ln 1.
    ln 1  0

    • c. Find log 0.1.


    log 0.1  log 10 1  1

    • d. Find ln e-1.
    ln e 1  1 ln e  1
    1. logb (mn )  logb m  logb n

    log 56  log(8  7)  log 8  log 7  0.9031  0.8451  1.7482


    m
    2. logb  logb m  logb n
    n

    9
    log  log 9  log 2  0.9542  0.3010  0.6532
    2
    3. logb m r  r logb m
    log 64  log 8 2  2 log 8  2(0.9031)  1.8062
    1/ 2 1 1
    log 5  log 5  log 5  (0.6990)  0.3495
    2 2
    log1  log1000  0  log103
    03
    3
    x
    ln  ln x  ln( zw)
    zw
     ln x  (ln z  ln w)
     ln x  ln z  ln w
    5x  2
    log 5 x  log 2
    x log 5  log 2
    log 2
    x   0.4307
    log 5
    • A logarithmic equation involves the logarithm
    of an expression containing an unknown.
    • An exponential equation has the unknown
    appearing in an exponent.
    • An experiment was conducted with a particular type
    of small animal. The logarithm of the amount of
    oxygen consumed per hour was determined for a
    number of the animals and was plotted against the
    logarithms of the weights of the animals. It was
    found that
    log y  log 5.934  0.885 log x

    • where y is the number of microliters of oxygen


    consumed per hour and x is the weight of the animal
    (in grams). Solve for y.
    log y  log 5.934  0.885 log x
     log 5.934  log x 0.885
    log y  log(5.934 x 0.885 )
    0.885
    y  5.934 x

    You might also like