Learning outcomes

• evaluate powers of a number where the exponent is positive, negative, whole or fractional;
• simplify algebraic expressions using the rules of exponents;
• solve linear and quadratic equations;
• determine the equilibrium price and quantity for single-commodity and multi-commodity markets;
• use the function notation, y = f(x);
• determine the inverse of a function;
• sketch the graphs of linear and quadratic functions;
• find the slope of a straight line given any two points on the line;
• use both notations, f'(x) and dy/dx, for the derivative of a function;
• differentiate simple polynomial functions and functions of the form f(x) + g(x), f(x)-g(x);
• evaluate second-order derivatives;
• calculate marginal revenue and marginal cost;
• calculate marginal product of labour;
• calculate marginal propensity to consume and marginal propensity to save;
• describe the use of the exponential function in economic modelling;
• sketch graphs involving the exponential function;
• differentiate the exponential and natural logarithm functions;
• evaluate logarithms in simple cases;
• use the laws of logarithms to solve equations;
• explain how to investigate the returns to scale of a production function;
• calculate the future value of a principal under monthly, annual and continuous compounding;
• determine the annual percentage rate of interest given a nominal rate of interest;
• find and classify the stationary points of a function;
• find the maximum and minimum points of an economic function.

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