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    The Use of Time in Applications in 2.3: Math 1431: 2.3, 2.4 Lecture Problems For Class Warm-Up From 2.1,2.2

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    Joseph
    This document provides an overview of lecture material for a math class covering business applications of supply and demand, cost and revenue functions, and the definition of limits. It includes examples of: - Supply and demand functions and how to determine equilibrium points - Calculating quantity demanded and supply at given prices - Evaluating limits algebraically, from graphs, and as x approaches positive/negative infinity - Theorems for limits of rational expressions as x approaches infinity

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    The Use of Time in Applications in 2.3: Math 1431: 2.3, 2.4 Lecture Problems For Class Warm-Up From 2.1,2.2

    Uploaded by

    Joseph
    34 views14 pages
    This document provides an overview of lecture material for a math class covering business applications of supply and demand, cost and revenue functions, and the definition of limits. It includes examples of: - Supply and demand functions and how to determine equilibrium points - Calculating quantity demanded and supply at given prices - Evaluating limits algebraically, from graphs, and as x approaches positive/negative infinity - Theorems for limits of rational expressions as x approaches infinity

    Original Title

    Math 1431 2.3_2.4_spring_10

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    This document provides an overview of lecture material for a math class covering business applications of supply and demand, cost and revenue functions, and the definition of limits. It includes examples of: - Supply and demand functions and how to determine equilibrium points - Calculating quantity demanded and supply at given prices - Evaluating limits algebraically, from graphs, and as x approaches positive/negative infinity - Theorems for limits of rational expressions as x approaches infinity

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    34 views14 pages

    The Use of Time in Applications in 2.3: Math 1431: 2.3, 2.4 Lecture Problems For Class Warm-Up From 2.1,2.2

    Uploaded by

    Joseph
    This document provides an overview of lecture material for a math class covering business applications of supply and demand, cost and revenue functions, and the definition of limits. It includes examples of: - Supply and demand functions and how to determine equilibrium points - Calculating quantity demanded and supply at given prices - Evaluating limits algebraically, from graphs, and as x approaches positive/negative infinity - Theorems for limits of rational expressions as x approaches infinity

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    You are on page 1of 14

    Math 1431: 2.3, 2.

    4 Lecture problems for class


    Warm-up from 2.1,2.2

    The Use of Time in Applications in 2.3

    vv

    2.3 Business Applications:


    Supply & Demand..Market Equilibrium
    Cost function
    Revenue Function
    Profit Function
    1. Cost = Variable Costs + Fixed Costs
    2. Revenue = Number of items sold times the Price of each
    3. Profit= Revenue Cost

    Three more Important Business functions

    Supply functions, p = S(x)


    Demand Functions, p = D(x)
    Equilibrium Points: S(x) = D(x)

    (b) Determine the quantity demanded when the unit price is set at p = $4. (Give
    your answer correct to the nearest full unit.)
    3000

    units

    Determine the price at which the supplier will make 1,200 units of the commodity
    available in the market. (Give your answer correct to the nearest cent.)
    $

    17.93

    NOTE:

    17.928 must be rounded to nearest cent

    Figure 1 Note 8c:

    16280

    2.4 The Limit: Definition


    Evaluation of Limits
    Algebra and direct substitution
    Evaluation from a graph of a function
    Evaluation of limits as x approaches +/- infinity
    Real World Application

    The function f has the limit L as x approaches a, written


    limx a f(x) = L
    if the value of f(x) can be made as close to the number L as we
    please by taking x sufficiently close to (but not equal to) a.
    lim
    ( 5 4x2)
    x1

    lim
    ( x + 83)
    x-2

    lim 85

    x-2

    Limits from graphs

    Lim

    x 1

    _____________________________________

    THEOREM

    For all n>0, lim

    1/xn = 0

    and lim

    1/xn = 0
    x -

    provided that 1/xn is defined.


    {In evaluating limits at +/- for a rational expression, divide through by
    the highest power of x in the denominator, then apply the theorem noting
    that any constant in the numerator works the same way as the 1.}
    If the highest power of x is in the numerator, the limit as x + or -
    does not exist.
    If the highest power of x is in the denominator, the limit as x + or
    equals 0.

    If the highest power of x in the numerator is the same as the highest power
    of x in the denominator, the limit as x + or - is the ratio of the
    coefficients of those two terms.
    Go back to problem 14 and now work.

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