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.