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Mathematical Economics Lecture Notes

The document contains lecture notes on real analysis, focusing on functions, sequences, limits, continuity, and monotonicity. It defines key concepts such as functions, convergent sequences, and continuity, while providing examples and theorems related to these topics. The notes are intended for a mathematical economics course at Simon Fraser University.

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8 views4 pages

Mathematical Economics Lecture Notes

The document contains lecture notes on real analysis, focusing on functions, sequences, limits, continuity, and monotonicity. It defines key concepts such as functions, convergent sequences, and continuity, while providing examples and theorems related to these topics. The notes are intended for a mathematical economics course at Simon Fraser University.

Uploaded by

eugenio
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Simon Fraser University, Department of Economics

Econ 798 { Introduction to Mathematical Economics


Prof. Alex Karaivanov
Lecture Notes 3.1

1 Real Analysis
1.1 Functions
De nition (function): Consider two sets A and B and suppose that with
each x 2 A there is associated an element y 2 B which we denote by f (x).
Then f is said to be a function from A to B and the elements f (x) are called
the values of f: The set of all possible values of f is called the range of f . The
set of x 2 A for which f is de ned is called the domain of f:
p
{ exercise: nd the ranges and domains of the following functions: x;
1
x2 +2x 3
; log(x)

Types of functions: Let A and B be two sets and let f be a function from A
to B (denoted f : A ! B).

{ if 8y 2 B, there exists x 2 A such that f (x) = y we say that f maps A


onto B.
{ if 8x1 ; x2 2 A with x1 6= x2 we have that f (x1 ) 6= f (x2 ) we say that f is
one-to-one function of A to B.
{ examples: f (x) = 2x + 5 is both one-to-one and onto; f (x) = 1 (x 1)2
with A = [0; 2] and B = [0; 1] is onto but not one-to-one; f (x) = sin(x) is
neither onto nor one-to-one for B = R.

Inverse: if E B, then f 1 (E) denotes the set of all x 2 A such that


f (x) 2 E. We call f 1 the inverse of f . If f 1 is a function (the set of x s.t.
f (x) = y for all y 2 E is a singleton) then it is called the inverse function of f .

{ Example: the inverse of f (x) = 2x + 5 is f 1 (y) = y 2 5 (to nd the inverse


just solve the equation y = f (x) in terms of x and call the result f 1 (y)).

1
1.2 Sequences
De nition (convergent sequence): a sequence fpn g in a metric space X is
said to be convergent if 9 point p 2 X with the following property: 8" > 0,
9N 2 N such that n N implies d(pn ; p) < ". We also say that p is the limit
of fpn g and write:
pn ! p or lim pn = p
n!1

if fpn g does not converge it is said to diverge. Notice that the de nition of
convergence depends on the set X. E.g., the sequence 1=n converges in R but
not in R+ .

Examples: show that fan g where an = ( 1)n does not converge. Show that
fpn g with pk = k1 , k = 1; :::converges to p = 0.

De nition (bounded sequence): a sequence fpn g in the metric space X is


bounded if all its elements are bounded (that is, 9 a point m 2 X and a number
M s.t. d(pn ; m) < M for all n).

Theorem: Let fpn g be a sequence in a metric space X

{ (a) fpn g converges to p 2 X if and only if every neighborhood of p contains


pn for all but nitely many n.
{ (b) if fpn g converges then it is bounded.
{ proof { Rudin, pp. 48-49.

Application (alternative de nition for closed set): a set S is closed if for


every sequence fxn g satisfying: (i) xn 2 S for all n and (ii) xn ! x; then x 2 S:

Theorem: Suppose fxn g, fyn g are sequences in Rk , f ng is a sequence in R


and xn ! x; yn ! y; n ! : Then:

{ limn!1 (xn + yn ) = x + y
{ limn!1 (xn yn ) = xy
{ limn!1 ( n xn ) = x
{ proof { Rudin, p. 51

De nition (subsequence): Given a sequence fpn g, consider a sequence fnk g


of positive integers for which n1 < n2 < :::: The sequence fpnk g is called a
subsequence of fpn g.

Theorem: (proof, Rudin 52)

2
{ a sequence fpn g converges to p if and only if every subsequence of fpn g
converges to p.
{ if fpn g is a sequence in a compact metric space X then there exists a
subsequence of fpn g that converges to a point in X.
{ (Bolzano-Weierstrass Theorem) every bounded sequence in Rk contains
a convergent subsequence.

1.3 Limit, continuity, monotonicity


De nition (limit of a function): Let X and Y be metric spaces, E X
and f : E ! Y . We write f (x) ! q as x ! p or limx!p f (x) = q if 9 point
q 2 Y with the property: 8" > 0 there exists a > 0 such that:

d(f (x); q) < "

for all x 2 E for which d(x; p) < .

Properties: Let limx!p f (x) = A and limx!p g(x) = B; then:

{ limx!p f (x) + g(x) = A + B


{ limx!p f (x)g(x) = AB
f (x) A
{ limx!p g(x)
= B
if B 6= 0:

De nition (continuous function): Suppose X and Y are metric spaces, E


X, p 2 E and f : E ! Y . The function f is said to be continuous at p if 8" > 0
there exists a > 0 such that:

d(f (x); f (p)) < "

for all x 2 E for which d(x; p) < .

{ in other words, the limit of f (x) as x ! p exists and equals f (p) (not
something else). Draw example.

De nition (continuity 2): The function f : A ! B is continuous if limn!1 f (xn ) =


f (x) for each convergent sequence fxn g in A with limit x 2 A. [in simple words:
the limit must exist and equal the same value, f (x) for all such sequences].

{ if a function is not continuous at a point we say it is discontinuous at that


point.

3
Result 1: If f (x) is continuous at p and g(x) is continuous at f (p) then the
function h(x) g(f (x)) is continuous at p: (Rudin, p.86).

Result 2: Let f and g be continuous functions on the metric space X. Then


f + g; f g and f =g are also continuous functions on X:

De nition (monotonicity): Let f be a real function on (a; b). Then f is said


to be monotonically increasing (decreasing) on (a; b) if a < x < y < b implies
f (x) ( )f (y).

Common questions

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Yes, a sequence can be both divergent and bounded. According to the Bolzano-Weierstrass Theorem, every bounded sequence in R^k contains a convergent subsequence, but the original sequence itself may still diverge. Thus, boundedness doesn’t guarantee convergence of the whole sequence, only that a subsequence can converge .

A function is one-to-one (injective) if distinct elements in the domain map to distinct elements in the range, which is crucial for ensuring a unique output for each input. An onto (surjective) function covers the entire range, meaning every element in the codomain has a preimage in the domain. For example, f(x) = 2x + 5 is both one-to-one and onto, covering all real numbers bijectively. Conversely, f(x) = sin(x) is neither onto nor one-to-one over all real numbers .

The continuity of composite functions hinges on the continuity of their component functions. If f(x) is continuous at p and g(x) is continuous at f(p), then the composite function g(f(x)) will be continuous at p. This is because the limits of the functions align consistently, preserving continuity through function composition .

A set S is defined as closed if for every sequence {x_n} within S that converges to a limit x, the point x must also be in S. This implies that if a sequence is completely contained within S and has a convergent subsequence, the limit of this subsequence is also contained in S, thus capturing the closed nature of the set .

Yes, convergence of a sequence implies boundedness; if a sequence {p_n} converges to a limit p, then it must be bounded. By definition, if a sequence converges, all its terms eventually cluster within any ε > 0 of p, thus making the sequence bounded as it cannot have terms arbitrarily large or small relative to p .

A monotonic function preserves order: a function is monotonically increasing if for any a < b, f(a) ≤ f(b), and decreasing if f(a) ≥ f(b). This characteristic is significant because it guarantees directional predictability and is foundational in mathematical proofs, economic modeling, and optimization—ensuring consistent behavior over intervals .

Subsequences are pivotal as they provide a refinement of a sequence to test for convergence properties. According to the theorem, a sequence converges if and only if every subsequence converges to the same limit. Furthermore, in compact spaces, any sequence always contains a convergent subsequence, implying the space's bounded and complete nature .

The limit properties essential to continuous functions include the sum, product, and quotient of limits: if lim(x->p) f(x) = A and lim(x->p) g(x) = B, then lim(x->p) (f(x) + g(x)) = A + B, lim(x->p) (f(x)g(x)) = AB, and lim(x->p) (f(x)/g(x)) = A/B given B ≠ 0. Continuous functions keep these properties intact; the limits and the function values at any point remain consistent, establishing continuity .

The inverse of a function, when it exists, allows us to reverse the roles of dependent and independent variables, facilitating the solution of models where we need to infer the input from a known output. For instance, if f(x) = 2x + 5, then its inverse f^(-1)(y) = (y - 5)/2 helps solve for x given a specific output y, enabling us to predict inputs from desired outcomes, a common necessity in economic modeling .

Convergence in different metric spaces largely hinges on the space itself; for real numbers, convergence necessitates sequences getting arbitrarily close to a limit point. For example, the sequence 1/n converges to 0 in R (real numbers) because values can approach zero indefinitely. However, it doesn't converge in R+ because there is no 0 in the positive reals .

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