Achieve Mastery in Economics Functions Study with Myhomeworkhelp.com

Variables and functions assume great significance in economics curriculum. Though the concepts are crucial for students, most of them struggle to get a foothold in these tricky areas. Read on to know how achieving success in functions homework help is easier than before.

What is meant by functions?

A function describes a relation between two or more variables. It explains one variable in relation to the other. For example, a relation between A and B can be described as A= f (B). In this case, A is dependent variable as its value depends on value of B. Independent variable would be B, since it does not rely on other factors. Whenever there is a change in value of B, value of A also changes correspondingly.

Uses of functions in economics

As economics deals with several factors affecting production and supply of resources, functions are widely used in its studies.

• Ascertaining demand:

Demand for a product is expressed as a function of price, while other factors are kept constant.

• Fixing production:

Quantity of product that a firm can produce is expressed as a function of inputs in production.

• Finding cost:

Cost of production is stated as function of fixed and variable costs.

Different types of functions

Knowing about the various types of functions and their uses is essential for economics students. It is an important area where students search for functions assignment help. Some types are given below:

• Linear function:

These are easiest from the point of view of assignments. It is a simple equation which can be plotted as a straight line on a graph. It has one dependent and one independent variable.

• Power function:

This is a function where variables are raised to the power of more than one. This is more mathematical and complicated. With a reliable site like myhomeworkhelp.com, functions homework help can be made easier.

This is a bifurcation in power function. In a quadratic function, one or more independent variables are raised to the power of two. When represented graphically, it may take a concave form or convex form depending on variable values.

• Cubic function:

This is also a kind of power function, where independent variables are raised to power of three. It may have combinations of first, second and third degree variables.

Why students need functions assignment help

There are many reasons why students struggle with functions assignments.

• It is highly mathematical in nature.
• Graphical representations are not easy to learn.
• Lack of proper guidance leads to students losing interest in studies. 