Exponential functions are mathematical expressions that describe phenomena where growth or decay happens at a rate proportional to the current value. Such functions are characterized by the variable being in the exponent position. The general form of an exponential function is
\( y = ab^x \),
where
a is the initial amount,
b is the base, and
x is the exponent. Growth occurs when the base
b is greater than 1, leading to a rapid increase as
x gets larger. In contrast, decay happens when the base
b is between 0 and 1, causing the function's value to decrease as
x increases.
- An exponential growth example would be a population of bacteria doubling every hour.
- An exponential decay example could be the cooling of coffee over time.
Exponential functions often model real-world scenarios such as population growth, radioactive decay, and interest in finance.