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Redundant, but sometimes used for emphasizing that a number is positive, specially when other numbers in the context are or may be negative; for example, +2. 3. Sometimes used instead of for a disjoint union of sets. − 1. Denotes subtraction and is read as minus; for example, 3 – 2. 2.
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.
Since 2 × (−3) = −6, the product (−2) × (−3) must equal 6. These rules lead to another (equivalent) rule—the sign of any product a × b depends on the sign of a as follows: if a is positive, then the sign of a × b is the same as the sign of b, and; if a is negative, then the sign of a × b is the opposite of the sign of b.
In many contexts, it does not matter whether the second or the third of these usages is intended: −5 is the same number. When it is important to distinguish them, a raised minus sign (¯) is sometimes used for negative constants, as in elementary education, the programming language APL, and some early graphing calculators. [a]
In Figure 1, the consumer would rather be on I 3 than I 2, and would rather be on I 2 than I 1, but does not care where he/she is on a given indifference curve. The slope of an indifference curve (in absolute value), known by economists as the marginal rate of substitution , shows the rate at which consumers are willing to give up one good in ...
The following table lists many specialized symbols commonly used in modern mathematics, ordered by their introduction date. The table can also be ordered alphabetically by clicking on the relevant header title.
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 ...
Graphs of y = b x for various bases b: base 10, base e, base 2, base 1 / 2 . Each curve passes through the point (0, 1) because any nonzero number raised to the power of 0 is 1. At x = 1, the value of y equals the base because any number raised to the power of 1 is the number itself.