Quantitative Methods (ECO1015)

• What is a budget set?


  Contains all the affordable alternatives.
• What is a utility function?


  A function that assigns a numerical value to each alternative.
• What is a natural number and what is the set denoted by?


  A positive integer used for counting such as 0, 1 or 2 and is denoted by the set 'N'
• What are the three laws for natural numbers (when there is n and n')?

  1. n + n' is a natural number
  2. n x n' is a natural number
  3. n - n' is not always a natural number.
• What is an integer and what is the set denoted by?


  Any number in the whole set of numbers that can be positive negative or zero and is denoted by 'Z'.
• What are the four laws for an integer (when there are z and z'?)

  1. z - z' is also an integer
  2. z + z' is also an integer
  3. z x z' is also an integer
  4. z / z' is not always an integer
• What is a rational number and what is the set denoted by?


  A rational number is a number that can be defined by a/b where both a and b are integers and the set is denoted by 'Q'.
• What is a real number and what is the denoted by?


  They are numbers that are either rational or irrational and the set is denoted by 'R'
• What is the set of non-negative real numbers denoted by?


  R+
• What does R x R+ mean?


  It describes the set of all ordered pairs (x,y), where the first number (x) belongs to the set of real numbers and the second number belongs to the set of positive real numbers (y).
• What is a set?


  A set is a collection of zero or more distinct objects.
• What is the empty set and what is it denoted by?


  The set containing no numbers and is denoted by Ø.
• What is an element and what is it symbolised by?

  Objects belonging to a set and is symbolised by C.