Business Mathematics

CHAPTER 5

Functions and Graphs

5.1  INTRODUCTION

For decision-making problems which utilize mathematical models, the first and foremost requirement is to identify the relationships among the variables relevant to the problem. These relationshi;ps are usually expressed in the form of a function or an expression with one or more variables. This type of mathematical relationships helps the decision maker even to understand a complex business problem. To understand the nature of function, one can easily identify the same using the pictorial representation (graph).

5.2  FUNCTION

In order to define the term called function, one should define first what one means by a constant and a variable.

5.2.1  Constant

It represents a value which is a fixed quantity. ...