Table of Contents
Where are exponential functions used in real life?
Exponential functions are often used to represent real-world applications, such as bacterial growth/decay, population growth/decline, and compound interest. Suppose you are studying the effects of an antibiotic on a certain bacteria.
What is the use of exponential and logarithmic function in business?
Three of the most common applications of exponential and logarithmic functions have to do with interest earned on an investment, population growth, and carbon dating.
How are exponential and logarithmic functions created in real world situations?
Exponential and logarithmic functions are no exception! Much of the power of logarithms is their usefulness in solving exponential equations. Some examples of this include sound (decibel measures), earthquakes (Richter scale), the brightness of stars, and chemistry (pH balance, a measure of acidity and alkalinity).
How do you describe exponential functions?
An exponential function is defined as a function with a positive constant other than 1 raised to a variable exponent. A function is evaluated by solving at a specific input value. The number e is a mathematical constant often used as the base of real world exponential growth and decay models.
How are exponential functions used in business?
In economics exponential functions are important when looking at growth or decay. Examples are the value of an investment that increases by a constant percentage each period , sales of a company that increase at a constant percentage each period, models of economic growth or models of the spread of an epidemic.
How are exponential functions used in finance?
These functions are useful for investigating problems associated with economic growth and decay and mathematical problems in finance such as the compounding of interest on an investment or the depreciation of an asset. Exponential functions are functions in which a constant base a is raised to a variable exponent x.
How do you find the exponential function?
In an exponential function, the independent variable, or x-value, is the exponent, while the base is a constant. For example, y = 2x would be an exponential function. Here’s what that looks like. The formula for an exponential function is y = abx, where a and b are constants.
What is a exponential function in your own words?
In mathematics, the exponential function is the function e, where e is the number such that the function e is its own derivative. The exponential function is used to model a relationship in which a constant change in the independent variable gives the same proportional change in the dependent variable.