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Math1325 Functions and Models

1) A polynomial function is one where the independent variable x is raised to a nonnegative integer exponent, with the degree defined by the exponent of the leading term. Common polynomial functions include linear (degree 1), quadratic (degree 2), and cubic (degree 3) functions. 2) A rational function is the quotient of two polynomial functions, where the denominator polynomial cannot be zero. 3) A power function is similar to a polynomial but the exponent is not restricted to nonnegative integers and consists of a single term. 4) Economic models like supply and demand functions express price in terms of quantity, with demand downward sloping and supply upward sloping, and their intersection determining equilibrium price and quantity.

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102 views4 pages

Math1325 Functions and Models

1) A polynomial function is one where the independent variable x is raised to a nonnegative integer exponent, with the degree defined by the exponent of the leading term. Common polynomial functions include linear (degree 1), quadratic (degree 2), and cubic (degree 3) functions. 2) A rational function is the quotient of two polynomial functions, where the denominator polynomial cannot be zero. 3) A power function is similar to a polynomial but the exponent is not restricted to nonnegative integers and consists of a single term. 4) Economic models like supply and demand functions express price in terms of quantity, with demand downward sloping and supply upward sloping, and their intersection determining equilibrium price and quantity.

Uploaded by

kab riyadh
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Functions and Mathematical Models

Polynomial functions

A polynomial function is one that has the independent variable “x” raised to a nonnegative
integer exponent. The degree of a polynomial function is defined by the power (exponent) of the
leading term. So let us begin by looking at the general form of a polynomial function.

A polynomial function of degree n is defined by:

f(x) = anxn + an-1xn-1 + … + a1x + a0

where an, an-1, … , a1, and a0 are real numbers called coefficients and n is a nonnegative integer.
an is called the leading coefficient and cannot be zero.

Examples of polynomials:

Polynomial Function Degree Name


F(x) = 3x – 5 1 Linear
F(x) = -x2 + 3x – 2 2 Quadratic
F(x) = x3 – 4x + 10 3 Cubic

As you can see the first three degrees of polynomials have specific names associated with
them. A linear function is a 1st degree polynomial, a quadratic function is a 2nd degree
polynomial, and a cubic function is a 3rd degree polynomial.

Rational functions

A rational function can be viewed as the quotient of two polynomial functions p(x) and q(x)
where q(x) ≠ 0.

p ( x)
f ( x) =
q ( x)

Any values for x that make q(x) zero must be excluded from the domain of the rational function
f(x).

Gerald Manahan SLAC, San Antonio College, 2008 1


Examples of rational functions:

2x2 + 3
f ( x) = 2 Two quadratic functions
x −1
x4
f ( x) = 3 Power function and a cubic function
4x − 2x
x3 − x 2 + 5 x − 3
f ( x) = Cubic function and a linear function
3x + 2

Power functions

A power function is similar to a polynomial in that it has the independent variable raised to an
exponent. However, the difference between them is that the exponent in a power function is not
restricted to being only nonnegative integers and a power function will consist of a single term.

F(x) = xr

Examples of power functions:

f ( x ) = x5 positive integer exponent


f ( x ) = x −4 negative integer exponent

f ( x) = x
1
3
positive fractional exponent

f ( x) = x
−1
5
negative fractional exponent

Economic models

For supply and demand functions, the price is expressed in terms of the quantity because in
economic graphs the price (or dollars) is plotted along the vertical axis. However, in reality the
price is the independent variable because the quantity supplied and demanded depends on what
the price.

In our supply and demand functions, both the price and quantity are restricted to being only
nonnegative values. The demand function will be a downward curve since the demand for a
product will be low when the price is high and will be high when the price is low. The supply
curve will be just the opposite and will be an upward curve. The point where the two curves
intersect is the equilibrium point.

Gerald Manahan SLAC, San Antonio College, 2008 2


At this point, the quantity demanded will equal the quantity supplied and the price is the
equilibrium price.

Example: If a company has a demand equation of 5x + 2p – 74 = 0 and a supply equation of


7x – 3p + 33 = 0, where p is the unit price in dollars and x represents the quantity in
thousands of units, determine the equilibrium quantity and price.

Solution:

Step 1: Solve the demand and supply equations for p

5x + 2p – 74 = 0
2p = -5x + 74
p = -5/2 x + 37

7x – 3p + 33 = 0
-3p = -7x – 33
p = 7/3 x + 11

Step 2: Set the two equations equal to each other and solve for x

-5/2 x + 37 = 7/3 x + 11
6(-5/2 x + 37 = 7/3 x + 11)
-15x + 222 = 14x + 66
156 = 29x
5.379 =x

Gerald Manahan SLAC, San Antonio College, 2008 3


Example (Continued)

Step 3: Substitute the equilibrium quantity into either equation to solve for p

p = -5/2 x + 37
p = -5/2 (5.379) + 37
p = -13.4475 + 37
p = 23.55

The equilibrium quantity is 5379 units with an equilibrium price of $23.55.

Gerald Manahan SLAC, San Antonio College, 2008 4

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