Define constant,parameter,co-efficient,value of a function,argument of a function and general function.?

Question

Answers must be related to mathematics for economist.

Answer 1

Let's say you want to know how much $100 will be worth in 7 years at in interest rate of 5%.

Future Value = Present Value ×( 1 + Interest Rate )ª

a) Constant: Interest Rate. Your interest rate will be unchanged.

b) Coefficient of a function: Any of the numbers involved. For instance, in 7x, the "7" is the coefficient. Here, "1" is a coefficient in the 1+Interest rate portion.

c) Argument of a function: Anything on which the value depends. In 7x+3, the "x" is a one argument function. In our example, the future value will depend on several arguments--the present value, the interest rate, and the number of periods (a)

d) General Function: This is the entire formula, or function, as a whole.

Regards,

Mysstere