The equation y = ab^x represents an exponential function where 'a' is a constant that determines the initial value, 'b' is the base that indicates the growth (if b > 1) or decay (if 0 < b < 1), and 'x' is the exponent representing time or another independent variable. This function is essential in understanding exponential growth and decay processes, such as population growth, radioactive decay, and financial investments.
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