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These balance equations were first considered by Peter Whittle. [8] [9] The resulting equations are somewhere between detailed balance and global balance equations. Any solution to the local balance equations is always a solution to the global balance equations (we can recover the global balance equations by summing the relevant local balance ...
In the case of flux balance analysis, the objective function Z for the LP is often defined as biomass production. Biomass production is simulated by an equation representing a lumped reaction that converts various biomass precursors into one unit of biomass. Therefore, the canonical form of a Flux Balance Analysis problem would be:
Material balance planning encompassed non-labor inputs (the distribution of consumer goods and allocation of labor was left to market mechanisms). In a material balance sheet, the major sources of supply and demand are drawn up in a table that achieves a rough balance between the two through an iterative process.
Strictly speaking the above equation holds also for systems with chemical reactions if the terms in the balance equation are taken to refer to total mass, i.e. the sum of all the chemical species of the system. In the absence of a chemical reaction the amount of any chemical species flowing in and out will be the same; this gives rise to an ...
In economics, economic equilibrium is a situation in which the economic forces of supply and demand are balanced, meaning that economic variables will no longer change. [ 1 ] Market equilibrium in this case is a condition where a market price is established through competition such that the amount of goods or services sought by buyers is equal ...
Thermoeconomics is based on the proposition that the role of energy in biological evolution should be defined and understood not through the second law of thermodynamics but in terms of such economic criteria as productivity, efficiency, and especially the costs and benefits (or profitability) of the various mechanisms for capturing and utilizing available energy to build biomass and do work.
Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
A company can maintain one journal for all transactions, or keep several journals based on similar activity (e.g., sales, cash receipts, revenue, etc.), making transactions easier to summarize and reference later. For every debit journal entry recorded, there must be an equivalent credit journal entry to maintain a balanced accounting equation ...