Select Page
Print Friendly, PDF & Email


An Equation expresses a relationship between (usually) two or more variables.  For an equation to be a function there is only one output for each input.

For example:

In Economics Supply and Demand are each represented by an equation.  They each have LaTeX: Q (quantity demanded) as a variable.

Each equation has 2 varianblea: Price (LaTeX: P) in dollars, and Quantity demanded LaTeX: Q.

Demand Curve:  LaTeX: P=16 -2 Q

Supply Curve:     LaTeX: P =4 + Q

A value for LaTeX: Q can be substituted into the equation.

When LaTeX: Q = 4 The Demand Curve tells us the Price  LaTeX: P = 16 - 2\times 4 LaTeX: = 8   

(remember order of operations)