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The midpoint method computes + so that the red chord is approximately parallel to the tangent line at the midpoint (the green line). In numerical analysis , a branch of applied mathematics , the midpoint method is a one-step method for numerically solving the differential equation ,
The Mincer earnings function is a single-equation model that explains wage income as a function of schooling and experience. It is named after Jacob Mincer. [1] [2] Thomas Lemieux argues it is "one of the most widely used models in empirical economics". The equation has been examined on many datasets.
In monetary economics, the equation of exchange is the relation: = where, for a given period, is the total money supply in circulation on average in an economy. is the velocity of money, that is the average frequency with which a unit of money is spent.
Given two points of interest, finding the midpoint of the line segment they determine can be accomplished by a compass and straightedge construction.The midpoint of a line segment, embedded in a plane, can be located by first constructing a lens using circular arcs of equal (and large enough) radii centered at the two endpoints, then connecting the cusps of the lens (the two points where the ...
The Curriculum Open-Access Resources in Economics Project (CORE Econ) is an organisation that creates and distributes open-access teaching material on economics. The goal is to make teaching material and reform the economics curriculum. [1] Its textbook is taught as an introductory course at almost 500 universities. [2]
Under the standard assumption of neoclassical economics that goods and services are continuously divisible, the marginal rates of substitution will be the same regardless of the direction of exchange, and will correspond to the slope of an indifference curve (more precisely, to the slope multiplied by −1) passing through the consumption bundle in question, at that point: mathematically, it ...
Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics.Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods.
In the discrete case, an economic inequality index may be represented by a function I(x), where x is a set of n economic values (e.g. wealth or income) x={x 1,x 2,...,x n} with x i being the economic value associated with "economic agent" i.
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