Introduction to Exponential Functions
What are Exponential Functions?
Exponential functions are functions in which the rate of change of the independant variable y increases as the independant variable x decreases. Exponential functions are usually written in the above form.
The Exponential Decay model is useful when modelling certain scenarios in which an event is occuring at a deccelerating pace over time. This can include the amount of a drug inside a patients bloodstream after a dose is taken, the population of an animal species when a disease is spreading and can also be used to model the decay of certain radioactive elements.
The Exponential Growth model is useful when modelling certain scenarios in which something occurs at an accelerating pace over time. This can include the number of cases in a pandemic, the amount of money saved up in an interest-yielding bank account and the population of a certain animal species.