Suppose x people are eating at a (really cheap) buffet which costs $2 a person. Then the cost y is y = 2x. With a $3 off coupon it becomes y = 2x-3 (however I'm sure that most restaurants would want a sufficient number of people to make profit).
Many other real-life applications are modeled using other functions. The bell curve is among the most common form, as it is used in statistics and distributions. Population models use a logistics function, another type of transcendental function. The catenary curve occurs when a chain or power line hangs on two ends, and is modeled by the hyperbolic cosine function y = cosh(x).
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Dividing up pizza slices amongst friends
A real life example for the absolute value function is a football field. Even though the center of the field is labeled zero, you wouldn't say you ran negative feet if you went backwards..
Economics is all about real life situations. All resources are limited and economics is simply about making decisions to use those resources efficiently.
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