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Chapter 1: Problem 90

Electronic commerce or e-commerce, buying and selling over the Internet, has been growing rapidly. The total value of U.S. e-commerce in recent years in trillions of dollars is given by the exponential function \(f(x)=1.15(1.17)^{x}\), where \(x\) is the number of years since 2004 . Predict total e-commerce in the year 2015 .

Short Answer

Expert verified
The total e-commerce in 2015 is approximately 5.996 trillion dollars.

Step by step solution

01

Determine the value of x

To predict the total e-commerce in the year 2015 using the given exponential function \( f(x) = 1.15(1.17)^x \), first identify the value of \( x \). Since \( x \) represents the number of years since 2004, we subtract 2004 from 2015: \( 2015 - 2004 = 11 \). So, \( x = 11 \).
02

Substitute x into the function

Now that we determined \( x = 11 \), substitute this value into the exponential function: \( f(11) = 1.15(1.17)^{11} \).
03

Calculate the exponentiation

Calculate \( (1.17)^{11} \). Raise 1.17 to the power of 11 to obtain this value. Using a calculator, we find \( (1.17)^{11} \approx 5.214 \).
04

Multiply by the initial value

Multiply the result from the exponentiation by 1.15 to find the total value of e-commerce in trillions of dollars: \( 1.15 \times 5.214 \approx 5.996 \).
05

Interpret the result

The total predicted value of U.S. e-commerce in 2015 is approximately 5.996 trillion dollars.

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

E-commerce Trends
E-commerce, or the trading of goods and services over the internet, has transformed how we view shopping and business transactions. This shift has been marked by the rapid and continuous growth of e-commerce in the past decades, moving from a minor player to a dominant force in the retail space.

Several trends showcase why e-commerce is booming:
  • The convenience of shopping from anywhere at any time, which fits into busy modern lifestyles.
  • Wider product selections online than in physical stores.
  • Increased use of mobile devices, which allows consumers to shop on their phones and tablets.
  • Innovations in technology, such as AI and VR, enhancing the shopping experience.
These trends indicate why e-commerce has experienced exponential growth and is now a critical part of the global economy.
Exponential Functions
Exponential functions play a pivotal role in modeling processes where growth accelerates over time. They are characterized by a constant base raised to a variable exponent, expressed in general as:
\[ f(x) = a \cdot b^x \]
Where:
  • \(a\) is the initial amount or value at \(x = 0\),
  • \(b\) is the base or growth factor, showing how much the situation increases.

The function used in the exercise, \(f(x) = 1.15(1.17)^x\), describes how U.S. e-commerce values have grown over time. Here, 1.15 represents the initial e-commerce value in 2004, and 1.17 is the growth factor. Understanding exponential functions allows us to predict future events accurately, showing how small percentage changes compound over long periods into significant growth.
Mathematical Prediction
Mathematical prediction involves using mathematical models to estimate future outcomes based on certain conditions or historical data. It's like having a crystal ball powered by math, allowing us to make informed decisions about the future.

For the e-commerce prediction in 2015:
  • First, we determine the elapsed years since 2004, which is 11.
  • Next, we apply this to the exponential function \(f(x) = 1.15(1.17)^{11}\).
  • Finally, we perform the calculation to get a result of approximately 5.996 trillion dollars.

This process demonstrates how data-driven mathematical predictions can give insights into future economic states, especially useful in planning and strategy development in business sectors like e-commerce.
Economic Modeling
Economic modeling is essential for understanding and predicting how different economic factors interact within the market. It uses mathematical frameworks and functions to simulate real-world economic scenarios. This becomes crucial for businesses and policymakers who need forecasts to make strategic decisions.

Why economic modeling matters in e-commerce:
  • It helps businesses forecast future market demands, allowing them to adjust inventory and staffing accordingly.
  • Policymakers can use these models to gauge economic health and set regulations to promote growth.
  • Investors rely on these models to project returns, helping them decide where and when to invest.

The exponential model from our exercise showcases advanced methods utilized for predicting financial outcomes in specific sectors like e-commerce. It provides insights that are critical for planning and executing successful economic strategies.

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