Search results
Results from the WOW.Com Content Network
Harold Hotelling (/ ˈhoʊtəlɪŋ /; September 29, 1895 – December 26, 1973) was an American mathematical statistician and an influential economic theorist, known for Hotelling's law, Hotelling's lemma, and Hotelling's rule in economics, as well as Hotelling's T-squared distribution in statistics. [1][2] He also developed and named the ...
Marginal cost is the change of the total cost from an additional output [(n+1)th unit]. Therefore, (refer to "Average cost" labelled picture on the right side of the screen. Average cost. In this case, when the marginal cost of the (n+1)th unit is less than the average cost(n), the average cost (n+1) will get a smaller value than average cost(n).
Russian Language and Culture (discontinued 2010) v. t. e. Advanced Placement (AP) Human Geography (also known as AP Human Geo, AP Geography, APHG, AP HuGe, AP HuG, AP Human, HuGS, or HGAP) is an Advanced Placement social studies course in human geography for high school, usually freshmen students in the US, culminating in an exam administered ...
v. t. e. Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and services by reference to their secondary, or marginal, utility. It states that the reason why the price of diamonds is higher than that of water, for example, owes to the greater additional satisfaction of the diamonds over the water.
Ramsey problem. The Ramsey problem, or Ramsey pricing, or Ramsey–Boiteux pricing, is a second-best policy problem concerning what prices a public monopoly should charge for the various products it sells in order to maximize social welfare (the sum of producer and consumer surplus) while earning enough revenue to cover its fixed costs. Under ...
Microeconomics is also known as price theory to highlight the significance of prices in relation to buyer and sellers as these agents determine prices due to their individual actions. [7] Price theory is a field of economics that uses the supply and demand framework to explain and predict human behavior.
Friction of distance. Friction of distance is a core principle of geography that states that movement incurs some form of cost, in the form of physical effort, energy, time, and/or the expenditure of other resources, and that these costs are proportional to the distance traveled. This cost is thus a resistance against movement, analogous (but ...
Similarly, if the third kilogram of seeds yields only a quarter ton, then the marginal cost equals per quarter ton or per ton, and the average cost is per 7/4 tons, or /7 per ton of output. Thus, diminishing marginal returns imply increasing marginal costs and increasing average costs. Cost is measured in terms of opportunity cost. In this case ...