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Chapter 5 Exponential and Log Functions

Exponential and Log Functions

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Joseph William Manga
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9 views

Chapter 5 Exponential and Log Functions

Exponential and Log Functions

Uploaded by

Joseph William Manga
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 5: Derivative of the Exponential and Logarithmic Function

Suppose that our objective function happened to be an exponential one, such as y = g x−√ x. Then we are still
helpless in applying the derivative criterion, because we have yet to learn how to differentiate such a
function.
Exponential functions, as well as the closely related logarithmic functions, have important application in
economics, especially in connection with growth problems and in economic dynamics in general.
The Nature of Exponential Functions
The term exponent means an indicator of the power to which a variable is to be raised. A function whose
independent variable appears in the role of an exponent is called an exponential function.
Simple exponential function
In its simple version, the exponential function may be represented in the form
(4.11) y = f(t) = bt (b > 1) where y and t are the dependent and independent variables,
respectively, and b denotes a fixed base of the exponent.
When the base e is used in an exponential function, it is referred to as a natural exponential function,
examples of which are
y = et y = e3t y = Aert e = 2.71828…
∂ t
The function e t possesses the remarkable property of being its own derivative! That is e = e t a fact which
∂t
will reduce the work of differentiation to practically no work at all.
y = Aew where w = rt, and A, r are constants.
∂ y ∂ y ∂w
= = Aew (r ) = r Aert that is
∂t ∂w ∂t
∂ rt rt
(4.12) Ae = r Ae
∂t
The mathematical convenience of the base e should thus be amply clear.
General Formulary;
rx
y= A b
dy rx
=( A b ∗r )/lnb
dx

Logarithms
Exponential functions are closely related to logarithmic functions (log functions for short). Before we can
discuss log functions, we must first understand the meaning of the term logarithm.
The Meaning of Logarithms

(4.13) y =bt ⇔ t = log b y

This above function reads the log of y to the base b (denoted by log b ) is the power to which the base b must
y

be raised in order to obtain the value y. Thus, the larger the value of y, the lager must be t.
Common Log and Natural log
In actual log applications two numbers are widely chosen as bases – the number 10 and the number e. when
10 is base, the logarithm is known as common logarithm, symbolized by log 10 . With e as the base, on the
other hand, the logarithm is referred to as natural logarithm and is denoted by log e or by ln (for natural log).
Rules of Logarithms
Rule 1: (log of a product) ln (uv)=lnu+lnv (u,v > 0)

Rule II: (log of a quotient) ln ( uv )=lnu−lnv (u,v > 0)

a
Rule III: (Log of a Power) ln u = alnu (u > 0)

Rule IV: (conversion of log base) log b = log b log e


u e u (u > 0)

Rile V: (inversion of log base) log b = 1 ¿ log e


e b

Derivatives of Exponential and Logarithmic Functions


Earlier it was claimed that the function et is its own derivative. As it turns out, the natural log function, lnt,
d 1
possesses a rather convenient derivatives also, namely, ln t= .
dt t
Log-Function Rule
∂ 1
The derivative of the log function y=ln t is ln t = .
∂t t
Exponential-Function Rule
∂ t t
The derivative of the function y = et is e=e
∂t
This result follows easily from the log function rule. We know that the inverse function of the function y = et
is t = ln y, with derivative dt/dy = 1/y. Thus, by the inverse-function rule, we may write immediately
1 1
∂ t ∂y
e = = ∂t = 1 = y = et
∂t ∂t
∂y y
The Rules Generalized
The above two rules can be generalized to cases where the variable t in the expression et and ln t is replaced
by some function of t, say, f(t). The generalized versions of the two rules are
f (t) '
∂ f (t ) ' ( t )∗e ∧∂ f (t )
e =f lnf ( t )=
∂t ∂t f (t)
The Case of Base b
For exponential and log function with base b, the derivative are
∂ t ∂ t
b = btlnb [warning: b ≠ tbt-1]
∂t ∂t
∂ 1
log b =
t
∂t tlnb
Note that in the special case of base e (whenb=e ), we haveln b=ln e=1, so that these two derivatives will
d t t d 1
reduce to e =e and ln t= , respectively.
dt dt t
Exercise
1. Find the derivatives of
a. y = e2t +4
2
b. y = 3 e 2−t
2. Find the derivatives of
a. y = ln 8t 5
b. y = ln x – ln(1+x)
Further Applications of Exponential and Logarithmic Derivatives
Finding the Rate of Change
When a variable y is a function of time, y = f(t), its instantaneous rate of growth is defined as
∂ y /dt marginal function
ry ≡ =
y total function

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