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UNIT ONE: REVIEW OF ALGEBRA

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Chapter One: REVIEW OF ALGEBRA

1. Theoretical Vs Mathematical Economics

 It is a partnership between mathematics and economics
Theoretical Economics:
 A statement or set of related statements about cause and effect, action and
reaction
 Example: Demand supply theory
 Law of Demand: Ceteris paribus, if the price of a product increases quantity
demanded decreases and vice versa
 Law of Supply: Ceteris paribus, if the price of a product increases quantity
supplied increases and vice versa
Mathematical Economics:
 An approach to economic analysis
 Economists use mathematical symbols in the statement of economic
problems
 They use known theorems to aid in reasoning
 Elements of maths in economics
 Both theoretical and applied science
 Models are formulated on the bases of economic concepts and notations
Theoretical Model: when it is specified in prose/narrations
 Models
Mathematical Model: when it is specified in mathematical framework
 Mathematical model:
a) It is the best
 Why it is the best?
 It enables us to have a number of variables in problems
 It simplifies economic reality/theory
b) Consists of equations when described the structure of the model
c) When the equations are subjected mathematical operation we get the model
solution
d) Used to make predictions about the real world
 Example: What happens if the price of Coca-Cola increased?
e) Helps economists to conduct quantifiable tests
f) Solve the problems of decision making process
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 The two important variables in a given model are:

1. Endogenous variable:- within model
2. Exogenous variable: outside model
 Example: Demand and Supply model

P SS

P*
D
DD

D* Q
D
 Qd = a-bp ----------------------eq1 Where, Qd and Qs are endogenous
 Qs = a+bp-----------------------eq2 variables and P is exogenous
 Qd = Qs -------------------------eq3 variable

 The standard mathematical language activity used in mathematical modeling

of an economy is Calculus
 Calculus: a science of acceleration, retardation and variation

2. Functions: Definition?

 A function is a relationship or correspondence between two sets of numbers

in which each members of the first set (called the domain) corresponds to
one and only one member of the second set (called the Range)
 If f is a function from A to B, we write f: A B
 Functions are sometimes also called mappings or transformations
 A function relates an input to an output
 It is all about correspondence
 It is like a machine that has an input and an output
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Function Notation
 f(x) = is the classic way of writing a function
 There are others also
 Examples of functions are like: f(x) = x2 and f(x) = x3+1

Relation versus Function

 A relation is any set of ordered pairs.
 A function is a special kind of relation which is very important in mathematics and
its applications.
 A function is a relation in which, for each value of the first component of the
ordered pairs, there is exactly one value of the second component.


–1 6

–2 0

Domain and Range of the Function It is not a function

Domain of the function:

 The set of all first elements of the ordered pair is called the domain of the relation and is
referred to as the independent variable.
 Determine the domain of f(x) = 3/(x+7) Ans: the set of all real numbers except -7.{x/x=/ -
7}
3
 Determine the domain of f ( x )=2 x −3 …….Ans: the set of all real numbers
x−1
 The rational function given: ( x )= . What would be the domain of this
x 2+5 x +4
equation? Answer:   :   -4,   -1
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Range of the function:

 The set of all second elements is called the range and is referred to as the dependent
variable
3
 Determine the range of f ( x )=2 x −3 …….Ans: the set of all real numbers

{ 1
f(x)= ¿ 3−x,2≺x≤42
x,−1≤x≤2

Q. Find the domain and range of the functions f ( x )=√ x−1 and

THE GRAPH OF A FUNCTION:

 Helps to check if the relationships of the pairs qualify the rule of the function
 Vertical lines Test approach
Example 1: Let us see the graph of the function y =x2.
First construct a table for some values of x as follows

x -3 -2 -1 0 1 2 3

f(x) 9 4 1 0 1 4 9

If you plot the different points (x, y) on the x – y axis you will get the following graph.

Y
f(x) = x2

Figure. The graph of the function f(x) = x2

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Vertical lines Test:

 We can say the above graph is the graph of a function, because each vertical line that
intersects the graph intersects it in exactly one point.
 If some vertical lines intersect the graph in more than one point that is not a graph of a
function.
x Y

Example 2:

y
Not a function – the same x-value corresponds to two different y-values.

Summary

Corresponds to
y−value
x−value
defining
Domain relationship Range

[Independent variable]
[Dependent variable]

2.1. Types of Functions:

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1. Constant Functions:

The graph of a constant function can never be a curve

The graph of a constant function is always a horizontal line

2. Linear Functions:

Graphs of Linear Functions:

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3. Quadratic Function:

and a 0

4. Cubic Function:

and a 0
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5. Explicit Function
 It is a function in which the dependent variable has been given “explicitly” in terms of
the independent variable. Or it is a function in which the dependent variable is expressed
in terms of some independent variables.
Example:-
y = 3x – 2
y = x2 + 5

6. Implicit Function
 Is a function in which the dependent variable has not been given “explicitly” in terms of
the independent variable.
 Or it is a function in which the dependent variable is not expressed in terms of some
independent variables.
Example:
y 2 + 2yx + 4x2 = 0
y 5 - 3y2x 2 + 2 = 0

7. Monotonic Functions

8. Homogeneous Functions
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 Homogenous Functions Definition 1 A real valued function f(x 1, x2 ..., xn) is homogenous
of degree k if for all t > 0
f(tx1, tx2 ..., txn) = tkf(x1, ..., xn).
 In economic applications the constant j is usually taken to be positive
 Demand function that is derived from utility function is homogenous of degree 0: if the
prices (p1, ..., pn) and income I change say 10 times all together, then the demand will not
change
9. Inverse Functions

 If a horizontal line intersects the graph of f in more than one point, then we see from Figure 2
that there are numbers x1 and x2 such that f (x1) = f (x2).
 This means that f is not one-to-one.

 In symbols,

This function is not one-to-one because f (x1) = f (x2).

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g(2) = g(3)
but f (x1) ≠ f (x2) whenever x1 ≠ x2
 Functions that share this property with f are called
one-to-one functions.

 Not all functions possess inverses

For example, the inverse function of f (x) = x3 is f –1(x) = x1/3 because if y = x3, then
f –1(y) = f –1(x3) = (x3)1/3 = x
The reciprocal 1/f (x) could, however, be written as [f (x)] –1.

 Example on how to find an inverse function is given as below:

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 Another Example of Inverse function:

–1 –1
If f (1) = 5, f (3) = 7, and f (8) = –10, find f (7), f (5), and
f –1(–10)
Solution:
From the definition of f –1 we have
f –1(7) = 3 because f (3) = 7
f –1(5) = 1 because f (1) = 5
f –1(–10 ) = 8 because f (8) = –10

Exercise:
1. Find the inverse of f(x) = 1/16x5?
2. Find the inverse of f(x) = x3+4?

10. Polynomial Function:

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 Polynomial is a function of the form

+. .. a 2 x +a1 x +a 0
n x−1 2
f ( x )=an x +a n−1 x

Where:

the number: a n , a n−1, .. ., a 2 , a1 , a 0are constants

n-is non-negative integers (positive integers or whole numbers)
n
a n x …………. leading term(the term containing the highest power of x
a n … … … …... the leading coefficient

n- the degree of the polynomial

The degree of the polynomial is the power of x in the leading term.

 Depending on the value of the integer n we have different types of polynomial functions.

I) Constant function (n=0) - degree 0

Example 2: f(x) =5 , f(x) = 1/2

II) Linear function (n=1) - degree 1

Example 3: y = 2x+3

III) Quadratic function (n=2) – degree 2

Example 4: y = 2x2 + 3x + 5

IV Cubic function (n=3) - degree 3 etc.

Example 5: y= x3 + 3x2 + x + 1

The powers of x are called the exponents.

11. Rational Functions:

 A function in which y is expressed as a ratio of two polynomial functions.
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 Any polynomial function is by itself a rational function.

Multiplying and Dividing and Simplifying Rationals:

Additional Examples of Rational Function

2 x+ 1 2
y=f ( x )= f ( x )=
1. x−4 and x+5 are rational functions.

, g ( x )= √ 2
x 2 +2 2 x +1
y=f ( x )= 1
3
x +3
2. x are not rational functions because the
denominator in the first case and the numerator in the second case are not polynomial

12. Piece-wise Function

 A function that is defined by two or more equations over a specified domain.
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{
2
x if x <2
f ( x )= 6 if x=2
10−x if x >2∧x ≤ 6

when x is less than 2, it gives x2,

when x is exactly 2 it gives 6
when x is more than 2 and less than or equal to 6 it gives the line 10-x
13. Absolute Value Function:
An absolute value function is a function that contains an algebraic expression within absolute
value symbols.
It is one of the most recognized piecewise functions
The absolute value of a number is its distance from 0 on the number line.
The absolute value function is defined as:

{
x if x >0
f ( x )=| x|= 0 if x=0
−x if x <0

It is also called as piecewise function

Its graph is shown below:

14. Compositions Functions:

Let (f ○ g)(x) = f(g(x))

Let f(x) = 2x+3 and let g(x) = 3x+2

g(1) = 5, f(5) = 13

Thus, (f ○ g)(1) = f(g(1)) = 13

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Do always inside parenthesis first

 The functions we have seen so far are Algebraic Functions

 A function is called an algebraic function if it can be constructed using algebraic
operations such as addition, subtraction, multiplication, division and taking roots.
 Any function expressed in terms of polynomial and/or roots of polynomial is an
algebraic function
 Polynomials, power functions, and rational function are all algebraic functions.
 An algebraic function is a constant function if there is no variable in its definition.
 Non Algebraic Functions (Transcendental Functions)
 Other types of functions like exponential, logarithmic and trigonometric functions are
called non-algebraic or transcendental functions.

15. Exponential Function:

a) Power Functions
 A power function is a function of the form

y=x a
 Rules of Exponents: If m and n are positive integers and x & y are real numbers, then we have
the following rules of exponents:
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1) x m . x n =x m+n , Example 1: x 2 . x 3=x 2+3 =x 5

2
2 )( x m )n=x mn , Example 2 : ( x 3 ) =x 3 .2 =x 6
3 )( xy )m=x m . y m , Example 3 : ( xy )2=x 2 . y 2

4) ( )
x m xm
y
= m , Example 4 :
y
x 3 x3
y
= 3
y ( )
−m 1 −2 1
5 ) x = m ,( x≠0 ) , Example 5 : x = 2
x x
xm m−n x5
6 ) n =x ,( x≠0 ) , Example 6 : 3 =x 5−3 =x 2
x x
n 2
7 ) x m= √ x n , Example 7 : x = √ x 2
m 3 3

Note that x 0 =1( x≠0 )and x 1=x

b) Exponential function
 An exponential function is a function composed of a constant base a and a variable
exponent x.
 That is,
y = ax, Where a>0

 Note that an exponential function is basically different from a power function y = xa in

which the base x is the variable and the exponent a is the constant.

Properties depend on value of "a"

 When a = 1, the graph is a horizontal line at y = 1

 Apart from that there are two cases to look at in the below graph:
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The graph of Exponential Function:

a above 1
a between 0 and 1

Example: f(x) = (0.5)x Example: f(x) = (2)x

 It is a strictly Decreasing function  It is a Strictly Increasing function

 It has a Horizontal Asymptote along the x-axis  It has a Horizontal Asymptote along the x-axis (y=0)
1. Simplify
Exercise the following
on Power power functions
and Exponential Functions
a ) y=x √ x 2. Simplify the following exponential functions
a ) y=a 2 x ( a x ) et−2
c ) y= −2
a5 x e
1 3 43 b ) y= x
b ) y= x ( x ) a
2
c ) y=x 2 √ x 5

16. Logarithmic Function:

 The function defined by is called the logarithmic function with base b

f ( x ) log b x (b  0, b 1)
 The domain of f is the set of all positive numbers.
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 A logarithmic function is the inverse function of an exponential function or

 The inverse of an exponential function is called a logarithmic function.

 Exponential Function: x = by its inverse is: y = bx

 Logarithmic Function: x = logby is equivalent to y = bx

 y = bx which is the inverse of he inverse of exponential function is equivalent to

the logarithmic function (y = bx)

 The domain of the logarithmic function is the set of all positive real numbers and the
range is the set of all real numbers.

Logarithmic Notation
log x= log10 x ………Common logarithm
(base10)
ln x= loge x ………..…Natural logarithm (The Base
a) The Natural logarithm
 Corresponding to each positive number a there is a unique power b such that a = eb.
 The power b is called the natural logarithm of a.
 It is denoted by the symbol ln a ( = logea)

l = stands for "logarithm", and n for "natural".

b = ln a if and only if a = eb
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b) Common Logarithms
 These are logarithms with base 10 and is denoted by log x = log10x, read as "the
logarithm of x to the base ten".
 Generally the exponential function y=ax (a>1) tells us that for each positive number y
there corresponds a unique number x such that y=ax. x is called the logarithm of y to
the base a.

x = logay if and only if y = ax

 In applied work because of the importance of the exponential function ex, natural
logarithms (logarithm with base e) are frequently used.

c) Properties of Logarithmic Functions

 The properties of logarithmic functions will make the computation easier.

 The basic properties are listed below.

Let a be a number, a>1, and let x and y be positive numbers.

1. loga1 = 0,

Example 9: log101 = 0

2. logaa = 1

Example 10: log1010 = log22 =1

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3. logaxy = logax + logay

Example 11: log1010x100 = log1010 +log10100 = 1 + 2 = 3

4. log a x=¿ y logax

5
2
Example 12: log 2 = 5 log22 = 5(1)=5

5 . log x =log x−log y

a a
y
a
Example 13 : log 16 =log 216 −log 264 =4 log 2 −log 2 =−4
2 2
2
64 4 - 6 = -2

log x
a
6 . log x= ( for y ≠1)
y log y
a
log log 33
3
27
3 3( 1)
Example 14 : log 27 = = = =3
3 log 3 log 3 3 1
3

log x log x
x y
7.a a
=x , x >0 . Because if we let log b ¿ y then b =x ⇒ b b
=x
log 510
Example 15 : 10 =5 .
Correction:
let logax = y logax = y
In the above equation 7: is to mean use a instead of b
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Solving the following additional logarithmic equations

a). log ( x +6 ) +¿ log ( x−6 )=3 ¿

4 4

Answer: log 4 ( x  6)  log 4 ( x  6) 3 

log 4 ( x  6)( x  6) 3 
log 4 x 2
 36  3 
43  x 2  36 
64  x 2  36 
100  x 2 
10  x 
x 10

b). log π−¿ log (10000 π )=x ¿ c). ln ( x +1 ) ¿1 lnx ¿

Answer: Answer:
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ln( x  1) 1 ln( x ) 
ln( x  1)  ln( x ) 1
 x 1 
ln   1 
 x 
x 1
e1  
x
ex  x  1  0 
ex  x 1 
x (e  1) 1 
1
x 
d) e 1
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e) Solve the equation

Answer
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f) Evaluate the following logarithmic equation

g) Graph of Logarithm Function:

y
Y = logax, a>1

 As x increases the value of y also increases.

 As x becomes closer and closer to zero, y gets
X larger and larger negative values.
0
(1,0)  Note that when x is equal to 1, y = logax will be
zero (it crosses the x – axis)

Figure: The graph of y = logax (for a>1)

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Logarithmic Function Exercise

1) Find the indicated logarithms
a) log100 b)log 264 c) log21/4 d) log48

2) Find the value of x.

a) log3x =2 b) logx125 =3

3) Graph y =log2x (First construct a table for selected values of x)

17. Trigonometric Functions:

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1.6 FUNCTIONS AND CURVES IN ECONOMIC THEORY

 Economics is an analytical study concerned with the relations that exist or can be assumed to
exist between quantities that are numerically measurable.
 Some of the functions and curves in economics are discussed next.
a) Demand and Supply functions
Demand functions
 Demand function shows that quantity demanded of a commodity is a function of those
factors affecting demand like its own price, consumer’s income, tastes and preferences,
number of consumers, price of other related commodities, consumer’s expectation about
future price and income etc.

DX = f(Px, T, I, N, Po, E)

Supply functions
 Similarly supply function describes that quantity supplied of a commodity depends on factors
like price of the same commodity, price of inputs, technology, number of producers,
government polices, market organization, producers expectation about future price, price of
other goods, weather and so on.
SX = f (Px, Pi, T, G, N, Po, E, M, W)

 The normal condition of the demand function is that the demand curve is a monotonic
decreasing one and that of supply curve is a monotonic increasing.

DX = f (Px), Ceteris paribus

Mathematically, Qdx = a – bPx (a, b > 0)

Sx = f(Px), ceteris paribus

Mathematically, Qsx = -c + dPx (c, d > 0)

Demand and supply interaction is presented in the figure below.

P D S

E
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−
0 Q Qd, Qs

At equilibrium Qd = Qs

a – bPx = -c + dPx

a + c = bPx + dPx = Px (b + d)

a +c
Px = b+d is equilibrium price

Px = is equilibrium price

Substituting the equilibrium price in to either the demand or supply equations we get

Q=a−b (a+
b+ d ) b+ d
c a (b+d )−b( a+c ) ab+ ad−ab−ac
= =
b+ d
ad−ac a(d −c )
Q= = is equilibriumquantity
b+d b+d

Note that the demand and supply equations or curves can be non-linear.

b) Production Function
 Production function refers to the relationship (physical) between inputs and factors services
and outputs.

 It can be presented in different ways.

 One way is mathematical equation.

 Two types of production function:

i) Short run production function

Q = f(x1, x2 / x3, ….., xn)

Where Q is the output and x1,---,xn are inputs. In this case the inputs x 3,.., xn are held constant.
Hence a change in output is due to the change in x1 and x2 (the variable inputs)
ii) Long run production function
 Long run is a period of production sufficient to change all types of inputs. Hence output
changes due to a change in all types of inputs.
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Q = f (x1, x2, x3, …, xn), x1 ….xn are all variable in this case.

Example: let Q = 50K0.5L0.5 be the production function of Bole Lemi textile factory based in
Addis Ababa. Determine value of Q when the combination of K and L where K= 2 and L= 5.
Solution
Given: Q = 50K0.5L0.5 = 50K1/2L1/2

Q = 50 √KL Or Q = 50 √K √L

Required? Q at K= 2 and L= 5

Since K= 2 and L= 5, then the value of Q is as follows:

Q = 50 √2 √5 =158

c) Cost Function
 This is a name given to the relationship between outputs and costs.
C = c(x), where C is total cost

x is output

Example 1: C (x) = 4x2 + 20x + 40. The total cost is a quadratic function of output x. For
instance if the level of output x is 10 units then total cost is equal to

4(10)2 + 20(10) + 40 = 400 + 200 + 40 = 640 birr.

 In the short run costs are divided in to fixed and variable costs.
 In the above example the fixed cost is 40 (which does not depend on the level of output)
and the variable cost is 600.
 Hence the total cost is the sum of fixed and variable costs. i.e. 600 + 40 = 640.

d) Revenue Function
 The demand for a good x is represented by the two inverse functions x = f(p) where the
demand for a commodity x is expressed by its price and p = f(x) where p is a function of
x.
 The two are inverse functions.
 When the demand is x and the price is p, the product R = px is called the total revenue.
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 Therefore R = p.f (p) = x.f (x) is the total revenue function.

Example 2: The demand for a firm's product is 120 – P.

i) What is the revenue function?

R(x) = p.x = p(120 – p) ,since x = 120 – p

= 120p – p2 revenue as a function of price

Or

R(x) = p.x = (120 – x)x , since p = 120 – x from the demand equation

= 120x – x2 , revenue as a function of demand

ii) What is the total revenue if x=100 units

R(x) = 120x – x2 = 120(100) – (100)2

R(x) =12000 – 10,000 = 2000 birr.

d) Profit Functions
 It is the difference between the total revenue function and the total cost function of a
firm.

 Profit ( π )=R (Q)−C (Q )

Where R(Q) is the revenue function
C(Q) is the total cost function

Example 3: Suppose the firm has the following revenue and total cost functions

C(Q) = 3Q2 + Q + 500

R(Q) = 200 Q – Q2

Find the profit function:

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π (Q)=R(Q)−C(Q )
π (Q)=200 Q−Q2 −(3 Q2 +10 Q+500 )
π (Q)=200 Q−Q2 −3 Q2−10 Q−500
π (Q)=−4 Q 2 +190 Q−500 is the profit function

e) Other types of functions in economics are:

- Utility function
- Production transformation function
- Consumption and saving function etc.

Additional Exercises on Functions and Curves of Economic Theory are given below Additional

Additional Exercise 1:
Q1). Bishoftu Biking Company manufactures and sells bikes. Each bike costs $40 to make, and
the company’s fixed costs are $5000. Bishoftu biking company knows that the price of each bike
comes from the price function p(x) = 300-2x. Then find:
1. The company’s revenue function-R(x)?
2. The company’s cost function-C(x)?
3. The company’s profit function-P(x)?
4. The output level that maximizes the company’s profit, and the maximum profit?
Answer:
1) Revenue Function?
 Revenue is equal to the number of units sold times the price per unit. To obtain the revenue
function, multiply the output level by the price function.
 R(X) = X(P(x) = x(300-2x) = 300x-2x2
2) Cost Function?
 A business’ costs include the fixed cost of $5000 as well as the variable cost of $40 per
bike. To obtain the cost function, add fixed cost and variable cost together.
 C(x) = fixed cost + variable cost
 C(x) = 5000 + x (40) = 5000+40x
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See the next exercise:

Exercise 2
Q2). Entoto wood and metal manufacturing company produces and sells tables. The cost
function is given by: C(x) = 4x + 120√ x + 4000, where x is the number of tables. The tables
are sold for $200 each. Then, find

1. The total cost of producing 25 tables

2. The total revenue and total profit from selling 25 tables.
3. The approximate cost of producing the 201st table.
4. The approximate profit on the next table after selling 200 tables.
5. The average cost per table of 200 tables.
Answer:
1) TC?
 Total cost of producing 25 tables
 It really is simple, put 25 wherever you see x in C(x).

 The total cost of producing 25 tables is $4700.

2) TR and TP?
 The Revenue is the amount you sell the tables for multiplied by how many tables. Once
again put x = 25
 R(x) = 200 x = 200(25) = 5000
 P(x) = R(x) - C(x)

= 5000 - 4700 = $300

3) Cost?
 Good to know after making 200 tables, how much does it cost to produce one more table.
 Or after producing 200 tables, how much does it cost for the next table. Then we have to
differentiate C(x).
 C(x) = 4x + 120√ x + 4000
 C(x) = 4x + 120 x(1/2) + 4000
 C'(x) = 4 + 120 (1/2) x(1/2 - 1) + 0
 This is simple differentiation
 C'(x) = 4 + 60 x - (1/2)
 Now the x-value that we are going to use is 200 as the next table will be 201st.
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 C'(x) = 4 + 60(200 - (1/2))

 C'(x) = 4 + 60(0.0707)
 C'(x) = 4 + 4.242 = 8.242
 The approximate cost of making the 201st table is $8.24
4) Profit () after selling 200 tables?

 Look at the word approximate & think differentiate and put 200 in for the value of x
 Remember 201 would be the next number after 200
 P'(x) = 196 - 60 x - (1/2)
 When x = 200, P'(x) = 196 - 60( 200 - (1/2) )

= 196 - 60 (0.0707)
 P'(x) = 196 - 4.242 = 191.758
 The approximate profit on the next table after 200 tables have been sold is $191.76.
5) AC per table of 200 tables?
 Find the cost for 200 tables and then divide by 200.
 Differentiate C(x)
 C(200) = 800 + 120(14.1421) +4000 = $6497.06
 The average cost is dividing this amount by 200.
 Average Cost (200) = 6497.06 / 200 = $32.49
 The average cost per table of 200 tables is $32.49.
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1.7 SUMMARY
Function

Definition of a function

Dependent and independent variable

Domain and range of a function

The graph of a function

Types of functions: constant, Polynomial, rational and non-algebraic functions.

Rules of exponents and logarithms

1
m n m+n 5 )x−m= ,( x≠0 ),
1) x . x =x , xm
2 )( x m )n=x mn , xm
6) n
=x m−n ,( x≠0 ),
3 )( xy)m=x m . y m , x
n

()x m xm 7 )x m= √ x n ,
m
4) = m,
y y Note that x 0 =1( x≠0 )and x 1=x

Let a be a number, a>1, and let x and y be positive numbers.

1. loga1 = 0, 2. logaa = 1 3. logaxy = logax + logay

log
ax
5 . log x =log x −log 6 . log x= ( for y ≠1)
a ay y log
x x y y
4. log = y log
a a a a

log x
7.a a
=x , x >0

Functions and curves in economic theory:

-Demand and supply
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-Production function
-Cost function
-Revenue function
-Profit function
-Utility function
-Consumption function, etc.

1.8 ANSWERS TO CHECK YOUR PROGRESS EXERCISE

Check Your Progress Exercise - 2

a) Both the domain and range are all real numbers.

b) Both the domain and range are all real numbers.

c) The domain is all real numbers except 2, and the range is all real numbers.

d) The domain is the interval [ −1,4 ] and the range is [ −1,1 ] .

Check Your Progress Exercise 4

1. 2.

a ) y=√ x 3
1 a ) y=a 3 x
b ) y= x 15
2 b ) y=a 4 x
c ) y= √ x 9 c ) y=et

Check Your Progress Exercise -5

1. a) 2 b) 5 c) –2 d) 3/2
2. a) x = 9 b) x = 5

1.9 REVIEW EXERCISES

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1. Specify the domain of the following functions

x+3
a) f(x) =x4+3x3+2x-1 b) f(x) = 2−x

c) f(x) = √ 2 x−1

2. Graph the following functions

1
2
a) y = x +x+2 b) y = x

2
c) y = x
+x
d) y =
{ x−1ifx≤0¿¿¿¿
e) y = logx

3) Simplify the following

1
3
8
16
1
√ 64
a) 4
2
b) 25

c) log 264 d) log 39 log 48

4) Suppose the total cost function of the firm is given by C(x) = 3x2+2x+3 and the total

revenue function is given by R(x) = x2+x+1. Find the profit function

5) A manufacturer can produce radios at a cost of birr 10 apiece and estimates that if they are sold for x
birr apiece, consumers will buy approximately 80-x radios each month.

a) Express the manufacturer’s monthly profit as a function of the price x, and

b) Graph this function.

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