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Business portal. v. t. e. In mainstream economics, economic surplus, also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities: Consumer surplus, or consumers' surplus, is the monetary gain obtained by consumers because they are able to purchase a product for a price ...
Marshallian demand function. In microeconomics, a consumer's Marshallian demand function (named after Alfred Marshall) is the quantity they demand of a particular good as a function of its price, their income, and the prices of other goods, a more technical exposition of the standard demand function. It is a solution to the utility maximization ...
Quasilinear utility. In economics and consumer theory, quasilinear utility functions are linear in one argument, generally the numeraire. Quasilinear preferences can be represented by the utility function where is strictly concave. [1]: 164 A useful property of the quasilinear utility function is that the Marshallian/Walrasian demand for does ...
Symbolab is an answer engine [1] that provides step-by-step solutions to mathematical problems in a range of subjects. [2] It was originally developed by Israeli start-up company EqsQuest Ltd., under whom it was released for public use in 2011. In 2020, the company was acquired by American educational technology website Course Hero. [3][4]
A demand curve is a graph depicting the inverse demand function, [1] a relationship between the price of a certain commodity (the y -axis) and the quantity of that commodity that is demanded at that price (the x -axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve ...
Indifference curve. In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is indifferent. That is, any combinations of two products indicated by the curve will provide the consumer with equal levels of utility, and the consumer has no preference for one ...
In Marxian economics, surplus value is the difference between the amount raised through a sale of a product and the amount it cost to manufacture it: i.e. the amount raised through sale of the product minus the cost of the materials, plant and labour power. The concept originated in Ricardian socialism, with the term "surplus value" itself ...
Compensating variation. In economics, compensating variation ( CV) is a measure of utility change introduced by John Hicks (1939). 'Compensating variation' refers to the amount of additional money an agent would need to reach their initial utility after a change in prices, a change in product quality, or the introduction of new products.