Module 1 - Polynomials and Modeling
Glossary of Terms
- Axis of Symmetry -
A line about which an object (e.g. a graph) is symmetric.
- Break-Even Point -
The condition when revenue and cost are equal.
This implies that the profit is zero.
- Cost Function -
A function which represents the costs of producing a
number of items. This generally includes fixed costs
as well as variable costs.
- Cubic -
A polynomial of third degree.
- Demand -
The number of units which will be purchased by consumers at
a given price. As the price increases, the demand generally
decreases, so the demand function is a monotone decreasing
function.
- Depreciation -
Reduction in worth over time.
- Fixed Costs -
Costs which are independent of the number of items
produced. Examples include capital costs, startup costs,
and insurance.
- Function -
A relationship between two or more variables, usually
expressed by means of an equation. The variables which are free
to take on values are called independent variables.
The variables which are determined by the function
are called the dependent variables.
- Intercept -
The points where a graph crosses an axis. This can be found
by setting one of the independent variables to zero,
and computing the value of the function there.
- Linear -
A polynomial of first degree.
- Mortgage -
Literally "dead pledge".
To grant or convey property on condition that a debt will be paid.
- Parabola -
The graph of a quadratic function in two dimensions.
In higher dimensions, a parabaloid.
- Polynomial -
A linear combination of powers of one or more independent variables.
- Profit Function -
The relationship between profit and the number of items
sold.
- Quadratic -
A polynomial of second degree.
- Quartic -
A polynomial of fourth degree.
- Reflection -
Interchanging the role of two variables in an equation.
For example y=x2 becomes x=y2.
- Revenue Function -
The amount of income derived from selling a given quantity of
items.
- Scrap Value -
The minimal worth of an object. The limit
of the depreciated value.
- Slope -
The ratio of decrease in the dependent variables
with respect to the independent variables.
- Supply -
The quantity of items available at a given price.
- Variable Costs -
Costs which are dependent upon the number of items.
- Vertex -
The location of the maximum (or minimum, whichever is finite)
of a parabola.