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function
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is a relation in which each possible input value leads to exactly output value
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domain
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input values
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range
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output values
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is a function of
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The letter represents the input value, or independent variable. The letter , or , represents the output value, or dependent variable
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one-to-one function
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is a function in which each output value corresponds to exactly one input value. There are no repeated x or y-values-.one-to-one you use a horizontal line test.
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A relation is a set of ordered pairs; a function is a special kind of relation in which no two ordered pairs have the same first coordinate.
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What is the difference between a relation and a function?
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markets
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Interaction between buyers and sellers
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Demand
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Amount consumers are willing and able to purchase at a given price
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Law of Demand
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Other things equal, as price falls, the quantity demanded rises, and as price rises, the quantity demanded falls.
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Law of Demand and the Demand Curve
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The demand schedule shows that as price rises, quantity demanded decreases, and vice versa. These points are then graphed, and the line connecting them is the demand curve (D). The downward slope of the demand curve again illustrates the law of demand—the inverse relationship between prices and quantity demanded.
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Law of Supply
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Other things equal, as the price rises, the quantity supplied rises and as the price falls, the quantity supplied falls.
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