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2,4-Dichlorophenoxyacetic acid is an organic compound with the chemical formula Cl 2 C 6 H 3 OCH 2 CO 2 H.It is usually referred to by its ISO common name 2,4-D. [4] It is a systemic herbicide that kills most broadleaf weeds by causing uncontrolled growth, but most grasses such as cereals, lawn turf, and grassland are relatively unaffected.
The price elasticity of supply (PES or E s) is commonly known as “a measure used in economics to show the responsiveness, or elasticity, of the quantity supplied of a good or service to a change in its price.” Price elasticity of supply, in application, is the percentage change of the quantity supplied resulting from a 1% change in price.
Following Richard Bellman's work on dynamic programming and the 1962 English translation of L. Pontryagin et al.'s earlier work, [71] optimal control theory was used more extensively in economics in addressing dynamic problems, especially as to economic growth equilibrium and stability of economic systems, [72] of which a textbook example is ...
Economics (/ ˌ ɛ k ə ˈ n ɒ m ɪ k s, ˌ iː k ə-/) [1] [2] is a social science that studies the production, distribution, and consumption of goods and services. [3] [4] Economics focuses on the behaviour and interactions of economic agents and how economies work.
In some economics textbooks, the supply-demand equilibrium in the markets for money and reserves is represented by a simple so-called money multiplier relationship between the monetary base of the central bank and the resulting money supply including commercial bank deposits. This is a short-hand simplification which disregards several other ...
Linear regression is the predominant empirical tool in economics. For example, it is used to predict consumption spending , [ 24 ] fixed investment spending, inventory investment , purchases of a country's exports , [ 25 ] spending on imports , [ 25 ] the demand to hold liquid assets , [ 26 ] labor demand , [ 27 ] and labor supply .
In the 1960s Gary Becker (1930–2014) and Jacob Mincer (1922–2006) of the Chicago School of Economics founded New Home Economics, which spawned Family Economics. In 1973 Coase disciple Richard Posner (1939–) published Economic Analysis of Law , which became a standard textbook, causing him to become the most cited legal scholar of the 20th ...
A fixed exchange rate is usually used to stabilize the value of a currency, vis-a-vis the currency it is pegged to. It can also be used as a means to control inflation if the currency area tied to itself maintains low and stable inflation. However, as the value of the reference currency rises and falls, so does the currency pegged to it.