Exponential functions describe processes that grow or decay at a constant rate. They have the form \( f(x) = a \, e^{bx} \), where \( a \) is a constant, \( e \) is the base of the natural logarithm, and \( b \) determines the growth or decay factor.
The base \( e \), approximately 2.718, is unique because it simplifies the mathematics of continuous growth. Think about how interest compounds in finance or how populations grow. These real-world phenomena are often modeled using exponential functions.
Here are some key points:
- Growth: When \( b > 0 \), the function represents growth, and the graph rises rapidly.
- Decay: When \( b < 0 \), it represents decay, with the graph approaching zero.
Exponential functions are powerful tools in various fields, from biology to finance, making them a fundamental concept in understanding how changes occur over time.