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MAC2233C Unit 1
| Term | Definition |
|---|---|
| Function | a correspondence between two sets of elements such that to each element in the first set there corresponds one and only one element in the second set (x-values can not repeat) |
| Domain | the independent variable or the input |
| Range | the dependent variable or the output |
| Profit | equal to revenue minus cost, P = R - C |
| Cost function | C (x) = a + bx C = fixed costs + variable costs |
| Price-demand function | p (x) = m - nx x is the number of items that can be sold at $p per item |
| Revenue function | R (x) = xp = x (m - nx) R = number of items sold x price per item |
| Profit function | P (x) = R (x) - C (x) |
| Surplus | the supply is greater than the demand & price tends to come down |
| Shortage | the demand is greater than the supply & price tends to go up |
| Equilibrium price | price at which the supply and demand are equal |
| Equilibrium point | the intersection point of the price–supply and price–demand equations |
| Interest | the fee paid to use someone else’s money |
| Interest rate | usually computed as a percent of the principal over a given period of time |
| Principal | present value (initial value) invested in an account |
| Compound interest | interest paid on interest reinvested |
| Continuous compound interest | A = Pe^rt |
Created by:
asmith456
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