What are some real-world applications of non-linear functions?

What are some real-world applications of non-linear functions?

Non-linear functions are used in various fields such as physics, economics, and biology. For example, in physics, they model phenomena like projectile motion. In economics, they can represent cost and revenue relationships.

Can you give me a specific example in biology?

Sure! In biology, non-linear functions are often used to model population growth, such as the logistic growth model, which describes how populations grow rapidly at first and then slow down as they approach carrying capacity.

What about in finance?

In finance, non-linear functions are used in options pricing models, like the Black-Scholes model, which helps determine the fair value of options based on various factors.

How do these functions differ from linear functions?

Non-linear functions do not have a constant rate of change, meaning their graphs can curve, while linear functions have a constant slope and produce straight lines.