BUSINESS MATHEMATICS

Ordered Pairs & Cartesian Product

If A and B are two sets, then the pair of elements (a,b) such that a A and b Bin that order, is called an ordered pair. Ordered pair means a pair of two objects in which the order of arrangement of the objects is important and necessary. Example : consider two objects a and b. They can be paired and written as (a,b) and (b,a). These are two different ordered pairs because the order of elements is different. Ordered pair (a, b)------- a is First Element and b is Second Element. Two ordered pairs- (a, b) and ( c, d) are equal if a=c and b = d. The Cartesian product of two sets A & B is the set of all possible ordered pairs (a, b) where a belongs to set A and b belongs to set B. The Cartesian product of two sets is denoted by A B. Similarly the Cartesian product of two sets B & A is the set of all possible ordered pairs (b, a) where b belongs to set B and a belongs to set A. Thus, Cartesian product of A B B A ( The Cartesian product is not commutative). A = {a, b} and B ={x, y} then, A B ={ (a x), (a, y), (b, x), (b, y)} B A ={ (x,a), (x, b), (y, a), (y, b)} If A = or B = , then A B = . If A has m elements and B has n elements then A B will have mn elements.

Ordered Pairs & Cartesian Product

Problems & solution 1. If A = { 1,2,3} and B = {4 ,3}, find A B , B A and B B. 2. If A = {2 ,3,5} and B = {4 ,5,6}, find (A B) A and A (A B ).

Relations & Functions

Personal Relations and Numerical relations In case of Cartesian Products ( ordered pair): Let A = { Kalighat, Jagannath, Tribeni} --- { K, J, T} B = { Puri, Allahabad, Calcutta, Delhi} --- {P, A, C, D} A B = {(K,P), (K,A), (K,C), (K,D), (J,P), (J,A) ,(J,C), (J,D), (T,P), (T,A), (T,C), (T,D) } Here, few subsets having some relation, such as (K,C), (J,P), (T,A) = R (say) Here, the first component represents a holy place ,while second component represents the place where it is situated.

For any two non empty sets A & B, relation R from the elements of A to those of B is a set of ordered pairs which is a subset of A B, so that for each pair relation ( R ) holds. R = {(x,y): x A , y B and x R y} R A B , (x ,y) R, then x A , y B , R is a relation from A to B, R is written as xRy , read as x is R related to y. Relation describes association between members of two sets --two elements of ordered pair

Relations & Functions..

Domain and Range of a Relation: Let R be a relation defined from set A into set B. Thus R A B. The Domain D of the relation

R is the set of all first elements of the ordered pairs (x, y) R D = { x A: (x, y) R} The Range E of the relation R is the set of all second elements of the ordered pairs (x, y) R E = { y B: (x, y) R} Example: Consider the relation R defined by xRy, if x divides y from the set A = { 3,4,5} B = {3,7,6,12} R = { (3,6),(3,12),(4,12)} Domain of R = {3,4}. Range of R = {6,12}

Function

Let A & B are two non empty sets. If by some correspondence (rule) denoted by f we can associate every element x A to a unique element y B, this correspondence f is called a function or mapping from set A into set B. f: A B f is a function from A into B. Set A is called the domain of the function f and set B is called as co domain of the function f. If the element x A is associated to the element y B, under the mapping f, then we write y= f (x), the element y is called the image of the element x and the element x itself is called as the pre image of y. The set of all elements of B, which are the images of the elements of A under the mapping f, is called the range of the function f and denoted by f (A). Thus, f (A)= {y B: f (x)=y, x A } Range is a subset of codomain of the function, f (A) B. A function f from the set A into B can also be defined as a relation from the set A into B ( that is a subset of A B ) such that --- for every x A, there exists y B, such that (x ,y) f and if (x ,y) f & (x, d) f, then y = d. Every function is a relation but not vice versa.

Function

Characteristics of a function: Let f: A B be a function; Each element of A has one and only one image of B. Distinct elements of A can have the same image in B. There may be some elements in B, which are not the image of any element of x.

If the domain A and Co domain B are sets of real numbers, then the function f: A B defined by y= f (x), is called a real valued function of real variables. Here x and y are called real variables. In particular x is called independent variable and y is called dependent variable. A variable which takes integral values only is called a discrete variable.Ex. Number of family i9n a village. If a variable take any value within a limit called continuous variable. Ex. Weight of students of a class- may be 40, 40.25. 40.50. A function A to B is called a constant function if all the elements of A have the same image in B. In other words, it is a quantity which does not change its value throughput a set of mathematical operations. It remains the same throughout the particular operation or investigation. Normally denoted by a, b, c, k, etc. Example is fixed cost which does not change over a certain volume of operations.
A variable is a quantity which can assume different numerical valuesduring any swet of mathematical operations. The quantities like revenue, cost, profit, sales are all the examples of varriables. Y=f (x), y dependent varriable, x- Independent varriable, f- functional operator----- Whatever the value taken by x is called the domain and the resultant value of y is called the range.

Function
Classification of Function

Linear Functions

Non - Linear Functions

Y = ax + b, the ratio between the variables is constant, on graph it takes the shape of a straight line. Example: y = 5x ; y=total cost x =no. of units produced If x=1,2,3,4,5; then y= 5, 10 , 15 ,20,25 ; the ratio between variables x & Y = 1:5.

The ratio keeps changing.

1. Quadratic functions- y= ax +b x +c ; a 0, a b c are constants, x can assume any real value 2. Logarithmic functions y= log a x 3. Trigonometric functions- f (x)= sin x f (x)=c os x etc. 4. Exponential function- f (x)= ax, a>0 and 1. 5. Polynomial functions

Function.. Business Application of Functions

Demand Function- D=f (x) ---- x= price, Inverse relationship Supply function S=f (x) --- x= price Cost Function TC (x) = f (F (x) + V (x) ) ; TC (x) = total cost of producing x units, F (x) = Fixed cost of producing x units , V (x) = Variable cost of producing x units. Fixed costs like interest on capital, office rent, administrative expenses do not change with the level of production. Variable costs like material cost, direct labor cost change with level of production. Average cost (AC) = total cost divided by no. of units produced.

Revenue Function- R (x) = f ( p x) ; R (x)= total revenue, p= price /unit, x= no. of units sold.
Profit function P (x)= R (x) C (x) ; where P (x)= profit earned by selling x unit, R (x) = Revenue received by selling x units, C (x) = total cost of manufacturing x units. Break Even Analysis No profit - No loss- R (x) = C (x) -- R (x) = Total revenue and C (x) = Total cost.

Function ..

Problems and Solutions

Limit