While powers and logarithms of any base can be used in modeling, the two most common bases are
and
In science and mathematics, the base
is often preferred. We can use laws of exponents and laws of logarithms to change any base to base
Given a model with the form
change it to the form
Rewrite
as
Use the power rule of logarithms to rewrite y as
Note that
and
in the equation
Changing to base
e
Change the function
so that this same function is written in the form
is the amount of carbon-14 when the plant or animal died
is the amount of carbon-14 remaining today
is the age of the fossil in years
Doubling time formula
If
the doubling time is
Newton’s Law of Cooling
where
is the ambient temperature,
and
is the continuous rate of cooling.
Key concepts
The basic exponential function is
If
we have exponential growth; if
we have exponential decay.
We can also write this formula in terms of continuous growth as
where
is the starting value. If
is positive, then we have exponential growth when
and exponential decay when
See
[link] .
In general, we solve problems involving exponential growth or decay in two steps. First, we set up a model and use the model to find the parameters. Then we use the formula with these parameters to predict growth and decay. See
[link] .
We can find the age,
of an organic artifact by measuring the amount,
of carbon-14 remaining in the artifact and using the formula
to solve for
See
[link] .
Given a substance’s doubling time or half-time, we can find a function that represents its exponential growth or decay. See
[link] .
We can use Newton’s Law of Cooling to find how long it will take for a cooling object to reach a desired temperature, or to find what temperature an object will be after a given time. See
[link] .
We can use logistic growth functions to model real-world situations where the rate of growth changes over time, such as population growth, spread of disease, and spread of rumors. See
[link] .
We can use real-world data gathered over time to observe trends. Knowledge of linear, exponential, logarithmic, and logistic graphs help us to develop models that best fit our data. See
[link] .
Any exponential function with the form
can be rewritten as an equivalent exponential function with the form
where
See
[link] .
Questions & Answers
differentiate between demand and supply
giving examples
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
