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Business Calculus: Functions, Graphs, and Models – Comprehensive Study Notes

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Functions, Graphs, and Models

Introduction to Functions

Functions are foundational in calculus and describe relationships between variables. Understanding their properties and graphs is essential for modeling business scenarios.

  • Definition: A function is a rule that assigns to each input exactly one output.

  • Notation: denotes a function named with input .

  • Domain and Range: The domain is the set of all possible inputs; the range is the set of all possible outputs.

  • Example: is a linear function with domain and range .

Types of Functions and Their Graphs

Common function types include linear, quadratic, cubic, absolute value, and rational functions. Each has a characteristic graph and algebraic form.

  • Linear Functions:

    • Graph: Straight line with slope and -intercept .

  • Quadratic Functions:

    • Graph: Parabola opening up if , down if .

  • Cubic Functions:

    • Graph: S-shaped curve.

  • Absolute Value Functions:

    • Graph: V-shaped, vertex at the origin.

  • Rational Functions:

    • Graph: May have vertical/horizontal asymptotes.

Graphing Basic Functions

Graphing involves plotting points and understanding transformations such as shifts, stretches, and reflections.

  • Vertical Shift: shifts the graph up by units.

  • Horizontal Shift: shifts the graph right by units.

  • Reflection: reflects across the -axis.

  • Example: is a parabola shifted right 2 units and up 3 units.

Piecewise Functions

Piecewise functions are defined by different expressions over different intervals.

  • Example:

  • Graph each piece on its respective interval.

Intercepts and Symmetry

Finding intercepts and analyzing symmetry helps in sketching graphs.

  • -intercept: Set and solve for .

  • -intercept: Evaluate .

  • Even Function: (symmetric about -axis).

  • Odd Function: (symmetric about origin).

Intervals and Domain

Understanding intervals is crucial for defining domains and ranges.

  • Interval Notation:

    • : All such that (open interval).

    • : All such that (closed interval).

    • : (half-open interval).

  • Example: The domain of is .

Vertical and Horizontal Asymptotes

Asymptotes describe the behavior of functions as approaches certain values.

  • Vertical Asymptote: Occurs where the function grows without bound as approaches a value (e.g., denominator zero in rational functions).

  • Horizontal Asymptote: Describes the end behavior as or .

  • Example: has a vertical asymptote at and a horizontal asymptote at .

Summary Table: Common Functions and Their Properties

Function

Equation

Graph Shape

Domain

Range

Linear

Straight line

Quadratic

Parabola

or

Absolute Value

V-shape

Rational

Hyperbola

Applications in Business

Functions model cost, revenue, and profit in business. For example, a linear cost function models total cost as a function of units produced.

  • Example: If , then the fixed cost is $200.

Additional info:

  • Some graphs and examples were inferred from standard calculus curriculum and the visible sketches in the notes.

  • Piecewise and rational function examples were expanded for clarity.

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