00:01
In this video, we're going to discuss some conceptual questions regarding functions and mathematical models, because these are really the basis by which we can apply mathematics to realize scenarios is through mathematical models.
00:13
So, for example, if we have a population of a lunar station, and we see that it's p equals 200 plus 30t, then we know that the population is increasing by 30 people per year because we're starting off with 200, but then we add 30 people each year, so each value of t as it increases.
00:36
Then we see that for another problem, talking about the concepts, we want to know if it's possible for there to be an equilibrium price.
00:45
If we assume that the demand for a certain commodity goes up as the price goes up, we see that eventually demand will be reached, and with supply and demand graphs, we can look at where equilibrium is reached...