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We are familiar with basic algebraic operations. These basic mathematical operations, however, are not valid in all contexts. For example, algebraic operation such as addition has different details, when operated on vectors. Clearly, we expect that these operations will also be not same in the case of sets – which are collections and not individual elements.

Nevertheless, set operations bear resemblance to algebraic operation. For example, when we combine (not add) two sets, then the operation involved is called “union”. We can see that there is resemblance of the intent of addition, subtraction etc in the case of sets also.

Venn diagrams

Venn diagrams are pictorial representation of sets/subsets and relationship that the sets/subsets have among them. It helps us to analyze relationship and carry out valid set operations in a relatively easier manner vis – a – vis symbolic representation.

Universal set

Universal set is the largest set among collection of sets. Importantly, it is not the collection of everything as might be conjectured by the nomenclature. For example, "R", is universal set comprising of all real numbers. The rational numbers, integers and natural numbers are its subset. In other consideration, we can call integers as universal set. In that case, sets such as {1,2,3}, prime numbers, even numbers, odd numbers are subset of the universal set of integers.

The universal set is pictorially represented by a region enclosed within a rectangle on Venn diagram. For illustration, consider the universal set of English alphabets and universal set of first 10 natural numbers as shown in the top row of the figure

Universal set

The universal set is represented by a region enclosed within a rectangle.

Many times, however, we may not be required to list elements of a universal set. In such case, we represent the universal set simply by a rectangle and the symbol for universal set, “U”, in the corner. This is particularly helpful, where number of elements in universal set are very large.

The subsets of the universal set are represented by closed curves – usually circles. The subset of vowels (V) is shown here within the circle with the listing of elements. Note that we have not listed all the alphabets for universal set and used the symbol “U” in the corner only.

Subset

The subset of the universal set is represented by a closed curve – usually circle.

Union of sets

Union works on two operands, each of which is a set. The operation is denoted by symbol " ". Now, the question is : what do we expect when two sets are combined? Clearly, we need to enlist all the elements of two sets in the resulting set.

Union of two sets
The union of sets “A” and “B” is a third set, which consists all the elements of two sets.

In symbol,

A B = { x : x A o r x B }

The word “or” in the set builder form defining union is important. It means that the element “x” belongs to either “A” or “B”. The element may belong to both sets (common to two sets), but not necessarily. We can, therefore, infer that union set consists of :

Questions & Answers

differentiate between demand and supply giving examples
Lambiv Reply
differentiated between demand and supply using examples
Lambiv
what is labour ?
Lambiv
how will I do?
Venny Reply
how is the graph works?I don't fully understand
Rezat Reply
information
Eliyee
devaluation
Eliyee
t
WARKISA
hi guys good evening to all
Lambiv
multiple choice question
Aster Reply
appreciation
Eliyee
explain perfect market
Lindiwe Reply
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
Ezea
What is ceteris paribus?
Shukri Reply
other things being equal
AI-Robot
When MP₁ becomes negative, TP start to decline. Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 • Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Kelo
yes,thank you
Shukri
Can I ask you other question?
Shukri
what is monopoly mean?
Habtamu Reply
What is different between quantity demand and demand?
Shukri Reply
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Lilia Reply
what is the difference between economic growth and development
Fiker Reply
Economic growth as an increase in the production and consumption of goods and services within an economy.but Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
Abdisa Reply
any question about economics?
Awais Reply
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50. A,Calculate quantities of x and y which maximize utility. B,Calculate value of Lagrange multiplier. C,Calculate quantities of X and Y consumed with a given price. D,alculate optimum level of output .
Feyisa Reply
Answer
Feyisa
c
Jabir
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
Gsbwnw Reply
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
Abdureman
types of unemployment
Yomi Reply
What is the difference between perfect competition and monopolistic competition?
Mohammed
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Source:  OpenStax, Functions. OpenStax CNX. Sep 23, 2008 Download for free at http://cnx.org/content/col10464/1.64
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