Some functions are defined by mathematical rules or procedures expressed in
equation form. If it is possible to express the function output with a
formula involving the input quantity, then we can define a function in algebraic form. For example, the equation
expresses a functional relationship between
and
We can rewrite it to decide if
is a function of
Given a function in equation form, write its algebraic formula.
Solve the equation to isolate the output variable on one side of the equal sign, with the other side as an expression that involves
only the input variable.
Use all the usual algebraic methods for solving equations, such as adding or subtracting the same quantity to or from both sides, or multiplying or dividing both sides of the equation by the same quantity.
Finding an equation of a function
Express the relationship
as a function
if possible.
To express the relationship in this form, we need to be able to write the relationship where
is a function of
which means writing it as
Are there relationships expressed by an equation that do represent a function but which still cannot be represented by an algebraic formula?
Yes, this can happen. For example, given the equation
if we want to express
as a function of
there is no simple algebraic formula involving only
that equals
However, each
does determine a unique value for
and there are mathematical procedures by which
can be found to any desired accuracy. In this case, we say that the equation gives an implicit (implied) rule for
as a function of
even though the formula cannot be written explicitly.
Questions & Answers
Ayele, K., 2003. Introductory Economics, 3rd ed., Addis Ababa.
what's the difference between a firm and an industry
Abdul
firm is the unit which transform inputs to output where as industry contain combination of firms with similar production 😅😅
Abdulraufu
Suppose the demand function that a firm faces shifted from
Qd 120 3P
to
Qd 90 3P
and the supply function has shifted from
QS
20 2P
to
QS
10 2P .
a) Find the effect of this change on price and quantity.
b) Which of the changes in demand and supply is higher?
Demand curve shows that how supply and others conditions affect on demand of a particular thing and what percent demand increase whith increase of supply of goods
Israr
Hi Sir please how do u calculate Cross elastic demand and income elastic demand?
Abari
Got questions? Join the online conversation and get instant answers!