Business Administration - Accounting & Financial Planning ECN502 Chapter 1: ECN502 Chapter 1 - 6
1 Jun 2018
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Appendix 1A
Some Useful Tools
Use of Mathematics
• Economists often use mathematics to express hypothesis
• Mathematics helps simplify the relationship between
variables
• Function: a mathematical expression of the relationship
between variables
Functional Notation
• Functional notation is a mathematical tool for expressing
relationships among variables
• It can be general or specific
• A general function: Y = f(X)
– “Read as Y is a function of X”
Dependent and Independent Variables
• If Y = f(X)
– Where, Y = the dependent variable
– X= the independent variable
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