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Exponential Functions

An exponential function is a function of the form f (x) = ax .


Here a is a positive real number and x is the input.
To define the exponential function we look at various kinds of input values.

Zero Exponent: a0 = 1.

Whole Number Exponent: an = a a a, where n = 1, 2, 3, . . .


| {z }
n times

1
Integer Exponent: an = , where n = 1, 2, 3, . . .
an

p
q
Rational Exponent: a q = ap , where q = 1, 2, 3, . . ., and p = 0, 1, 2, 3, . . ..

Calculus I (University of Calgary) Spring 2015 1 / 11


Irrational exponents?
If x is an irrational number, how do you define ax ?

What is the meaning of 3 2 or 2 ?
Looking at only rational values of x, the function y = ax is sketched below (for a > 1).
As you can see, there are gaps in the graph at the irrationals.

Calculus I (University of Calgary) Spring 2015 2 / 11


To define ax for irrational x, we use a limiting process to fill in the gaps:
If r is irrational, then we define ar as follows:
ar = lim aq , where q is rational
qr

After doing this for all the irrational numbers, this essentially this fills in the gaps in the graph
above to give the following:

Calculus I (University of Calgary) Spring 2015 3 / 11


We will consider two kinds of exponential functions f (x) = ax depending on whether:
a > 1, or
0 < a < 1.

Calculus I (University of Calgary) Spring 2015 4 / 11


Properties of exponential functions

Properties of f (x) = ax :
Only consider positive bases: (a > 0).
I a = 1 is a special (degenerate) case: constant function.
Always positive: ax > 0, for all x
I Range: y > 0
Exponent rules:
1 axxay = ax+y
a
2 = axy
ayx y
3 (a ) = axy
4 ax b x = (ab)x

Calculus I (University of Calgary) Spring 2015 5 / 11


Exponential functions; a > 1
y = ax , a>1

Domain: x R
Range: y > 0
lim ax = 0
x

lim ax =
x

Calculus I (University of Calgary) Spring 2015 6 / 11


Exponential functions; 0 < a < 1
y = ax , 0<a<1

Domain: x R
Range: y > 0
lim ax =
x

lim ax = 0
x

Calculus I (University of Calgary) Spring 2015 7 / 11


A special base

Eulers number, designated e, is defined to be the number

e = lim (1 + x)1/x
x0

e 2.71828182845904523536028747135266249775724709369995 . . .
e is irrational.
Important in calculus.
Consider the function f (x) = ax and a tangent line at the point (0, 1).

Question
What base has the property that at the point (0, 1) the slope of the tangent line is one?

Calculus I (University of Calgary) Spring 2015 8 / 11


A special base

It turns out that when the base is e, the slope of the tangent line is exactly equal to one!

Calculus I (University of Calgary) Spring 2015 9 / 11


Compound interest

Suppose we invest an amount of $ A0 at an interest rate of r .

If interest is compounded annually, then after t years our investment is worth

A(t) = A0 (1 + r )t .
However, usually interest is compounded more frequently, say, compounded n times a year.
r
This means that an interest rate of is applied over each of n equal time intervals that
n
make up one year.
According to this definition, after t years our investment is worth
 r nt
A(t) = A0 1 + .
n

Calculus I (University of Calgary) Spring 2015 10 / 11


Interest compounded continuously

We let n , and interest is compounded continuously.


Our investment amount after t years becomes
 r nt
A(t) = lim A0 1 +
n n

Calculus I (University of Calgary) Spring 2015 11 / 11


Interest compounded continuously

We let n , and interest is compounded continuously.


Our investment amount after t years becomes
 r nt
A(t) = lim A0 1 + = A0 e rt
n n

Calculus I (University of Calgary) Spring 2015 11 / 11

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