Find an example of a function that is used in your field of

Find an example of a function that is used in your field of study or interest. That is, look around you in your reading, activities and study throughout your day for an example of a relationship between two variables whose relationship is a function. You do not have to fully understand your topic, do major research, or write a long report.

Solution

A person requires several items in his/her daily life. Assuming demand- supply gap to fluctuate, the prices of the commodities required by a person varies depending upon the rate of inflation. If the inflation is high, the prices go up sharply and vice-versa. For example, if there is a drought, the supply of agricultural commodities goes down and the prices of agricultural commodities go up. If food supplies go down or if the population increases at a higher rate than the supply of food items, then the demand- supply gap widens and the prices of food commodities go up. The increase in prices of transportation sector also affects the prices in several sectors where transportation is a major cost. The fluctuation in crude oil prices has a direct impact on transportation costs. These days, the crude oil prices are comparatively low ($ 35 - $45) per barrel, but at one time, the crude oil prices were over $ 115 per barrel. The high crude oil prices affect the prices of several commodities including food items where transportation costs are a substantial part of the total cost.The relation between inflation and price of commodities is thus an example from everyday life.