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A curve connecting the tangency points is called the expansion path because it shows how the input usages expand as the chosen level of output expands. In economics , an expansion path (also called a scale line [ 1 ] ) is a path connecting optimal input combinations as the scale of production expands. [ 2 ]
The Price equation can describe any system that changes over time, but is most often applied in evolutionary biology. The evolution of sight provides an example of simple directional selection. The evolution of sickle cell anemia shows how a heterozygote advantage can affect trait evolution. The Price equation can also be applied to population ...
In economics and particularly in consumer choice theory, the income-consumption curve (also called income expansion path and income offer curve) is a curve in a graph in which the quantities of two goods are plotted on the two axes; the curve is the locus of points showing the consumption bundles chosen at each of various levels of income.
The grey line shows the Income–consumption curve (the consumer theory equivalent to the Expansion path) of a series of Leontief utility curves. In Figure 1, the consumer would rather be on I 3 than I 2 , and would rather be on I 2 than I 1 , but does not care where he/she is on a given indifference curve.
Price was a member of the Manhattan Project as a chemist looking into the characteristics of plutonium-235.Between 1946 and 1948, he was an instructor in chemistry at Harvard University and consultant to Argonne National Laboratory.
In biology, optimality models are a tool used to evaluate the costs and benefits of different organismal features, traits, and characteristics, including behavior, in the natural world. This evaluation allows researchers to make predictions about an organism's optimal behavior or other aspects of its phenotype .
As the target level of output is increased, the relevant isoquant becomes farther and farther out from the origin, and still it is optimal in a cost-minimization sense to operate at the tangency point of the relevant isoquant with an isocost curve. The set of all such tangency points is called the firm's expansion path.
Population dynamics is a branch of mathematical biology, and uses mathematical techniques such as differential equations to model behaviour. Population dynamics is also closely related to other mathematical biology fields such as epidemiology, and also uses techniques from evolutionary game theory in its modelling.