Main points:
• R=f(x,y) (R is function of x and y)
• R is the dependent variable and (x,y) is the independent variable
• Domain is the collection of all possible inputs (x,y)
• Can be presented numerically by table of values, algebraically by a formula or pictorially by a contour diagram (a graph showing selected contours of a function; also called 'level curves' or 'level sets')
Challenges:
This was the most challenging topic so far as I have not done this before. I was trying to do the example problems but had troubles with some of them, so I am hoping to understand the relevant concepts of this topic more in depth tomorrow.
Reflection:
I found the topic interesting to read as it was something that I had not encountered before. I was also fascinated by the contour diagrams and their use in topographical map outlines. As I am interested in economics I am hoping to set some time aside during the weekend and search for Cobb-Douglas Production Function and learn more about it.
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