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An exponential function can have negative y-values. However, a real-world exponential decay model will never have negative values. Think of it this way... If you divide a positive number by 2 (or take half of it) and then divide that next number by 2, you will never reach or go below 0. For Example: 20, 10, 5, 2.5, 1.25, 0.625, 0.3125, etc. (Each number is half of the number before it.)
That you have an exponential function. These functions are typical for certain practical problems, such as population growth, or radioactive decay (with a negative exponent in this case).
Any number below negative one.
Do you mean "equations involving exponential functions"? Yes,
If the exponent has the variable of time in it, then it will be either exponential growth (such as compound interest for example), or exponential decay (such as radioactive materials, or a capacitor discharging). If the time constant (coefficient of the time variable) is positive then it is growth, if the time constant is negative, then it is decay.