Macroeconomics variables & functions
A function is a mathematical relationship in which the values of a single dependent variable are determined by the values of one or more independent variables. Function means the dependent variable is determined by the independent variable(s).
An occupation is a statistical affiliation in which the standards of a solitary needy inconsistent are resolute by the principles of one or supplementary self-determining variables. Occupation resources the needy variable is unwavering by the autonomous variable(s). Economists are exploratory nature of associations. An economist may give the impression of being at the quantity of wealth someone prefer to fritter and the quantity of money a personality produce. This is a burning up affiliation or occupation these associations define an occupation. A mathematical form furnishes the affiliation. These perception or objects are representing by what are called variables. Articles whose enormity can be corresponding by a number, i.e. considered quantitatively characterize an impression of a variable . They can have a multiplicity of ethics. Numerous bits and pieces in financial side can acquire on unusual values. Arithmetic frequently bring into play letters beginning the end of the alphabet to characterize variables.
An appearance such as 8x2 is a variable. It can presuppose different values because x can presume poles apart values. In this appearance x is the variable and 8 is the coefficient of x. Coefficient means 8 works collectively with x. terminology such as 8x2which consists of a coefficient period a uneven move up to a supremacy are identify monomials.
A monomial is a numerical appearance. Real numbers such as 5 which are not multiplied by a variable are also identify monomials. Monomials possibly will also include added than one variable. One or further monomials can be combined by totaling or working out to outward appearance what are term polynomials .
Which do not depend on other variables those are Independent variables? Dependent variables are those which are changed by the independent variables. The revolutionize is foundation by the self-regulating variable. Occupation with a particular independent variable are called univariate gathering. Functions with further than one independent variable are called multivariate functions.
A simple example of functional notation
Q d = the number of burger quantity
P p = the price of a burger
P t = the price of tomato sauce
P c = the price of cheese
P d = the price of burger dough
N = the number of potential burger eaters
P p = f (P t , P c , P d )
A common economic example of functional notation
C = consumption, the amount spent on goods and services
Y = income, the amount available to spend
C = C(Y)
y = f(x) = 3x + 4
This is a function that says that, y, a dependent variable, depends on x, an independent variable. The independent variable, x, can have different values. When x changes y also changes.
Find f (0). This means find the value of y when x equals 0.
f (0) = 3 times 0 plus 4
f (0) = 3(0) + 4 = 4
Find f (1). This means find the value of y when x equals 1.
f (1) = 3 times 1 plus 4
f (1) = 3(1) + 4 = 7
Find f (-1). This means find the value of y when x equals -1.
f (-1) = 3 times (-1) plus 4
f (1) = 3(-1) + 4 = 1