A function defines a unique relationship between input values and output values. In mathematics, it's represented as each input having exactly one output, such as f(x) = x^2 in algebra. Economic models frequently use functions to represent relationships between economic variables.
A function in mathematics describes a specific relationship between two sets of data, commonly referred to as the domain (input values) and the range (output values). For each input value, there is one and only one output value.
A classic example of a function can be shown in an algebraic expression like f(x) = x^2, where for every value of x (input), there is a corresponding f(x) (output) which is the square of x. Economic models often employ functions to illustrate the relationship between different economic variables.
For example, demand as a function of price could be represented as Demand = D(Price), and this would show how the quantity demanded varies as price changes.
The probable question may be:
How is a function defined in mathematics, and what are its key components?